Annual Report 2015 - BNP Paribas Fortis

Transcription

CONTENTS
CONSOLIDATED FINANCIAL STATEMENTS
4
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2015
STATEMENT OF NET INCOME AND CHANGES IN ASSETS AND LIABILITIES RECOGNISED
DIRECTLY IN EQUITY
BALANCE SHEET AT 31 DECEMBER 2015
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2015
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY BETWEEN 1 JAN. 2014 AND 31 DEC. 2015
4
5
6
7
8
NOTES TO THE FINANCIAL STATEMENTS
10
1.
1.a
1.b
1.c
1.d
1.e
1.f
1.g
1.h
1.i
1.j
1.k
1.l
1.m
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES APPLIED BY THE GROUP
Applicable accounting standards
Consolidation
Financial assets and financial liabilities
Accounting standards specific to the insurance business
Property, plant, equipment and intangible assets
Leases
Non-current assets held for sale and discontinued operations
Employee benefits
Share-based payments
Provisions recorded under liabilities
Current and deferred taxes
Cash flow statement
Use of estimates in the preparation of the financial statements
10
10
12
16
27
29
30
31
32
33
34
35
35
36
2.
RETROSPECTIVE IMPACT OF THE IFRIC 21 INTERPRETATION
37
3.
3.a
3.b
3.c
3.d
3.e
3.f
3.g
3.h
NOTES TO THE PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2015
Net interest income
Commission income and expense
Net gain on financial instruments at fair value through profit or loss
Net gain on available-for-sale financial assets and other financial assets not measured at fair value
Net income from other activities
Cost of risk
Costs related to the comprehensive settlement with US authorities
Corporate income tax
38
38
39
39
40
40
41
43
44
4.
SEGMENT INFORMATION
45
5.
5.a
5.b
5.c
5.d
5.e
NOTES TO THE BALANCE SHEET AT 31 DECEMBER 2015
Financial assets, financial liabilities and derivatives at fair value through profit or loss
Derivatives used for hedging purposes
Available-for-sale financial assets
Measurement of the fair value of financial instruments
Reclassification of financial instruments initially recognised as at fair value through profit or loss held for
trading purposes or as available-for-sale assets
Interbank and money-market items
Customer items
Past-due and doubtful loans
Debt securities and subordinated debt
Held-to-maturity financial assets
Current and deferred taxes
Accrued income/expense and other assets/liabilities
Equity-method investments
Property, plant, equipment and intangible assets used in operations, investment property
Goodwill
Technical reserves of insurance companies
Provisions for contingencies and charges
Offsetting of financial assets and liabilities
48
48
50
50
52
63
5.f
5.g
5.h
5.i
5.j
5.k
5.l
5.m
5.n
5.o
5.p
5.q
5.r
-2-
Consolidated financial statements as at 31 December 2015
64
64
65
67
70
71
72
73
74
75
79
80
81
5.s
Transfers of financial assets
84
6.
6.a
6.b
6.c
FINANCING COMMITMENTS AND GUARANTEE COMMITMENTS
Financing commitments given or received
Guarantee commitments given by signature
Other guarantee commitments
85
85
85
86
7.
7.a
7.b
7.c
7.d
7.e
SALARIES AND EMPLOYEE BENEFITS
Salary and employee benefit expenses
Post-employment benefits
Other long-term benefits
Termination benefits
87
87
87
95
95
96
8.
8.a
8.b
8.c
8.d
8.e
8.f
8.g
8.h
8.i
ADDITIONAL INFORMATION
Changes in share capital and earnings per share
Contingent liabilities : legal proceedings and arbitration
Business combinations
Minority interests
Compensation and benefits awarded to the Group’s corporate officers
Other related parties
Fair value of financial instruments carried at amortised cost
Scope of consolidation
Fees paid to the statutory auditors
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100
100
104
105
107
109
110
112
114
120
CONSOLIDATED FINANCIAL STATEMENTS
Prepared in accordance with International Financial Reporting Standards as
adopted by the European Union
The consolidated financial statements of the BNP Paribas Group are presented for the years ended 31
December 2015 and 31 December 2014. In accordance with Article 20.1 of Annex I of European
Commission Regulation (EC) 809/2004, the consolidated financial statements for 2013 are provided in the
registration document filed with the Autorité des marchés financiers on 6 March 2015 under number D.150107.
P R O F I T A N D L O S S A C C O U N T F O R T H E Y E AR E N D E D
31 DECEMBER 2015
Notes
Year to 31 Dec. 2015
Year to 31 Dec. 2014(1)
3.a
41,381
38,707
Interest expense
Commission income
3.a
3.b
(18,828)
13,335
(18,388)
12,661
Commission expense
Net gain on financial instruments at fair value through profit or loss
3.b
3.c
(5,720)
6,054
(5,273)
4,631
Net gain on available-for-sale financial assets and other financial assets not measured
at fair value
3.d
1,485
1,969
Income from other activities
Expense on other activities
3.e
3.e
38,289
(33,058)
35,760
(30,899)
42,938
39,168
(16,061)
(14,801)
(11,539)
(10,157)
(1,654)
(1,566)
13,684
12,644
(3,797)
(100)
(3,705)
(6,000)
9,787
2,939
407
In millions of euros
Interest income
REVENUES
Salary and employee benefit expense
7.a
Other operating expenses
Depreciation, amortisation and impairment of property, plant and equipment and
intangible assets
5.n
GROSS OPERATING INCOME
Cost of risk
Costs related to the comprehensive settlement with US authorities
3.f
3.g
OPERATING INCOME
Share of earnings of equity-method entities
5.m
589
Net gain on non-current assets
Goodwill
5.o
996
(993)
155
(351)
10,379
3,150
(3,335)
(2,643)
7,044
507
350
350
6,694
157
PRE-TAX INCOME
Corporate income tax
3.h
NET INCOME
Net income attributable to minority interests
NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS
(1)
Basic earnings/(losses) per share
8.a
5.14
(0.07)
Diluted earnings/(losses) per share
8.a
5.13
(0.07)
Restated according to the IFRIC 21 interpretation (see notes 1.a and 2).
-4-
ST ATEMENT OF NET INC OME AND CH ANGES IN
ASSETS AND LIABILITI ES RECOGNISED DIRECT LY IN
EQUITY
Year to 31 Dec. 2014(1)
Net income for the period
7,044
507
Changes in assets and liabilities recognised directly in equity
1,086
3,913
Items that are or may be reclassified to profit or loss
629
4,287
- Changes in exchange rate items
531
1,518
- Changes in fair value of available-for-sale financial assets, including those reclassified as loans
and receivables
619
2,422
- Changes in fair value of available-for-sale financial assets reported in net income, including
those reclassified as loans and receivables
(441)
(880)
- Changes in fair value of hedging instruments
(176)
704
(22)
118
18
505
457
(374)
455
2
(355)
(19)
8,130
4,420
7,790
340
3,932
488
- Changes in fair value of hedging instruments reported in net income
- Changes in equity-method investments
Items that will not be reclassified to profit or loss
- Remeasurement gains (losses) related to post-employment benefit plans
- Changes in equity-method investments
Total
- Attributable to equity shareholders
- Attributable to minority interests
(1)
-5-
B AL ANCE SHEET AT 31 DECEMBER 2015
Notes
31 December 2015
31 December 2014(1)
ASSETS
Cash and amounts due from central banks
Financial instruments at fair value through profit or loss
Trading securities
Loans and repurchase agreements
Instruments designated as at fair value through profit or loss
Derivative financial instruments
Loans and receivables due from credit institutions
Loans and receivables due from customers
Remeasurement adjustment on interest-rate risk hedged portfolios
Current and deferred tax assets
Accrued income and other assets
Equity-method investments
Investment property
Property, plant and equipment
Intangible assets
Goodwill
134,547
117,473
133,500
131,783
83,076
336,624
18,063
258,933
43,427
682,497
4,555
7,757
7,865
108,018
6,896
1,639
21,593
3,104
10,316
156,546
165,776
78,827
412,498
19,766
252,292
43,348
657,403
5,603
8,965
8,628
110,088
7,371
1,614
18,032
2,951
10,577
1,994,193
2,077,758
2,385
1,680
82,544
156,771
53,118
325,828
21,068
84,146
700,309
159,447
3,946
2,993
88,629
185,043
11,345
16,544
78,912
196,733
57,632
410,250
22,993
90,352
641,549
187,074
4,765
2,920
87,722
175,214
12,337
13,936
1,894,116
1,984,069
82,839
6,694
89,533
6,736
96,269
83,210
157
83,367
6,091
89,458
3,691
117
3,808
4,098
133
4,231
TOTAL CONSOLIDATED EQUITY
100,077
93,689
TOTAL LIABILITIES AND EQUITY
1,994,193
2,077,758
5.a
5.a
5.a
5.a
5.b
5.c
5.f
5.g
5.j
5.k
5.l
5.m
5.n
5.n
5.n
5.o
TOTAL ASSETS
LIABILITIES
Due to central banks
Trading securities
Borrowings and repurchase agreements
Due to credit institutions
Due to customers
Debt securities
Remeasurement adjustment on interest-rate risk hedged portfolios
Current and deferred tax liabilities
Accrued expenses and other liabilities
Technical reserves of insurance companies
Provisions for contingencies and charges
Subordinated debt
5.a
5.a
5.a
5.a
5.b
5.f
5.g
5.i
5.k
5.l
5.p
5.q
5.i
TOTAL LIABILITIES
CONSOLIDATED EQUITY
Share capital, additional paid-in capital and retained earnings
Net income for the period attributable to shareholders
Total capital, retained earnings and net income for the period attributable to shareholders
Shareholders' equity
Retained earnings and net income for the period attributable to minority interests
Total minority interests
(1)
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C ASH FLOW ST ATEMENT FOR THE YEAR ENDED
31 DECEMBER 2015
Notes
Year to 31 Dec. 2014(1)
Pre-tax income
10,379
3,150
Non-monetary items included in pre-tax net income and other adjustments
Net depreciation/amortisation expense on property, plant and equipment and intangible assets
Impairment of goodwill and other non-current assets
Net addition to provisions
Share of earnings of equity-method entities
Net expense (income) from investing activities
Net expense from financing activities
Other movements
18,354
3,764
989
12,662
(589)
(889)
2,545
(128)
9,399
3,442
361
12,385
(407)
47
40
(6,469)
Net increase (decrease) in cash related to assets and liabilities generated by operating activities
Net increase (decrease) in cash related to transactions with credit institutions
Net increase (decrease) in cash related to transactions with customers
Net increase (decrease) in cash related to transactions involving other financial assets and liabilities
Net decrease in cash related to transactions involving non-financial assets and liabilities
Taxes paid
(8,408)
(7,121)
(1,780)
7,021
(4,153)
(2,375)
3,988
10,875
46,407
(48,000)
(2,911)
(2,383)
NET INCREASE IN CASH AND EQUIVALENTS GENERATED BY OPERATING ACTIVITIES
20,325
16,537
Net increase (decrease) in cash related to acquisitions and disposals of consolidated entities
Net decrease related to property, plant and equipment and intangible assets
150
(1,756)
(1,331)
(1,727)
NET DECREASE IN CASH AND EQUIVALENTS RELATED TO INVESTING ACTIVITIES
(1,606)
(3,058)
Decrease in cash and equivalents related to transactions with shareholders
Decrease in cash and equivalents generated by other financing activities
(645)
(5,069)
(1,715)
(2,126)
NET DECREASE IN CASH AND EQUIVALENTS RELATED TO FINANCING ACTIVITIES
(5,714)
(3,841)
8,176
4,600
21,181
14,238
111,993
117,473
(1,680)
7,924
(11,618)
(106)
97,755
100,787
(662)
7,239
(9,485)
(124)
133,174
134,547
(2,385)
9,346
(8,527)
193
111,993
117,473
(1,680)
7,924
(11,618)
(106)
21,181
14,238
EFFECT OF MOVEMENT IN EXCHANGE RATES ON CASH AND EQUIVALENTS
NET INCREASE IN CASH AND EQUIVALENTS
Balance of cash and equivalent accounts at the start of the period
On demand deposits with credit institutions
On demand loans from credit institutions
Deduction of receivables and accrued interest on cash and equivalents
5.f
5.f
Balance of cash and equivalent accounts at the end of the period
On demand deposits with credit institutions
On demand loans from credit institutions
Deduction of receivables and accrued interest on cash and equivalents
5.f
5.f
NET INCREASE IN CASH AND EQUIVALENTS
(1)
-7-
ST ATEMENT OF CH ANGE S IN SHARE HOLDERS’
Capital and retained earnings
Attributable to shareholders
Share
Undated
capital and
NonSuper
additional
distributed
Subordinated
paid-in
reserves
Notes
capital
Capital and retained earnings at 31 December 2013 (before IFRIC 21)
26,812
6,614
Impact of IFRIC 21
Capital and retained earnings at 1 January 2014
26,812
(1)
6,614
Appropriation of net income for 2013
Increases in capital and issues
(30)
Movements in own equity instruments
136
Preferred
Capital and
shares
retained
eligible as
earnings
Tier 1 capital
Total
Total
52,064
85,490
3,528
3,528
49
49
1
1
52,113
85,539
3,529
3,529
(1,866)
(1,866)
(107)
(107)
53
Reduction or redemption of capital
Minority interests
53
(30)
(25)
Share-based payment plans
Remuneration on preferred shares and undated super subordinated notes
(121)
(10)
19
19
(238)
(238)
Movements in consolidation scope impacting minority shareholders
(1)
367
(1)
73
440
Acquisitions of additional interests or partial sales of interests (note 8.d)
12
12
21
21
Change in commitments to repurchase minority shareholders' interests
77
77
(130)
(130)
27
27
(3)
(3)
(373)
(373)
(1)
(1)
Other movements (1)
Changes in assets and liabilities recognised directly in equity (1)
Net income for 2014
(1)
Capital and retained earnings at 31 December 2014 (1)
26,971
6,589
19
2,094
Appropriation of net income for 2014
Increases in capital and issues
Reduction or redemption of capital
Movements in own equity instruments
(93)
157
157
350
49,807
83,367
4,025
(1,867)
(1,867)
(131)
(131)
(2)
4,098
2,113
(862)
(29)
(891)
34
(56)
(115)
Share-based payment plans
350
73
7
7
(257)
(257)
(2)
Impact of internal transactions on minority shareholders (note 8.d)
(2)
(2)
2
2
Movements in consolidation scope impacting minority shareholders
(2)
(2)
(521)
(521)
Remuneration on preferred shares and undated super subordinated notes
Acquisitions of additional interests or partial sales of interests (note 8.d)
(3)
(3)
(4)
(4)
Change in commitments to repurchase minority shareholders' interests
49
49
(103)
(103)
(4)
Other movements
(11)
(11)
(4)
451
451
6
6
6,694
6,694
350
350
54,781
89,533
3,618
Net income for 2015
Capital and retained earnings at 31 December 2015
(1)
26,897
7,855
73
-8-
3,691
EQUITY BETWEEN 1 JAN. 2014 AND 31 DEC. 2015
Attributable to shareholders
Exchange rates
(1,879)
Financial assets
available for sale and Derivatives used for
reclassified as loans hedging purposes
and receivables
3,010
812
Total
1,943
Total equity
Minority interests
(6)
90,955
50
(1,879)
3,010
812
1,943
(6)
91,005
(1,973)
53
(30)
(10)
19
(239)
440
33
(53)
24
1,588
1,855
705
4,148
139
3,913
(291)
4,865
1,517
6,091
133
93,689
507
(1,998)
2,113
(891)
(115)
7
(259)
(523)
(7)
(54)
(15)
616
201
(172)
645
(16)
1,086
7,044
325
5,066
1,345
6,736
-9-
117
100,077
NOTES TO THE FINANCIAL STATEMENTS
Prepared in accordance with International Financial Reporting Standards as
adopted by the European Union
1. SUMM ARY OF SIGNIFICANT ACCOUNTING
P O L I C I E S A P P L I E D B Y T H E B N P P A R I B AS G R O U P
1.a
ACCOUNTING STANDARDS
1.a.1
APPLICABLE ACCOUNTING STANDARDS
The consolidated financial statements of the BNP Paribas Group have been prepared in accordance with
international accounting standards (International Financial Reporting Standards – IFRS), as adopted for
use in the European Union1. Accordingly, certain provisions of IAS 39 on hedge accounting have been
excluded, and certain recent texts have not yet undergone the approval process.
As of 1 January 2015, the Group has applied the IFRIC 21 “Levies” interpretation. As this interpretation
has a retrospective effect, the comparative financial statements as at 1 January and 31 December 2014
have been restated as presented in note 2.
The introduction of the other standards which are mandatory as of 1 January 2015 has no effect on the
2015 financial statements.
The Group did not choose to early-adopt the new standards, amendments, and interpretations adopted
by the European Union, whose application in 2015 was optional.
Information on the nature and extent of risks relating to financial instruments as required by IFRS 7
“Financial Instruments: Disclosures” and to insurance contracts as required by IFRS 4 “Insurance
Contracts”, along with information on regulatory capital required by IAS 1 “Presentation of Financial
Statements” is presented in Chapter 5 of the Registration document. This information, which is an
integral part of the notes to the BNP Paribas Group’s consolidated financial statements, is covered by
the opinion of the Statutory Auditors concerning the consolidated financial statements, and is identified
in the Annual Report by the word “Audited”.
1.a.2
NEW ACCOUNTING STANDARDS, PUBLISHED BUT NOT YET APPLICABLE
IFRS 9 “Financial Instruments”, issued by the IASB in July 2014, will replace IAS 39 Financial
Instruments: recognition and measurement, related to the classification and measurement of financial
instruments. It sets out the new principles for the classification and measurement of financial
instruments, for impairment for credit risk on financial assets and for general hedge accounting (i.e.
micro hedging).
IFRS 9 is mandatory for annual periods beginning on or after 1 January 2018 and must first be
endorsed by the European Union for application in Europe.
According to IFRS 9, classification and measurement of financial assets will depend on the business
model and the contractual characteristics of the instruments. On initial recognition, financial assets
will be measured at amortised cost, at fair value through shareholders’ equity, or at fair value through
profit or loss.
(1)
The full set of standards adopted for use in the European Union can be found on the website of the European Commission at:
http://ec.europa.eu/internal_market/accounting/ias_en.htm#adopted-commission.
- 10 -
Application of these two criteria may lead to different classification and measurement of some financial
assets compared with IAS 39.
Investments in equity instruments such as shares will be classified as instruments at fair value through
profit or loss, or, as an option, as instruments at fair value through shareholders’ equity.
The only change introduced by IFRS 9 with respect to financial liabilities relates to recognition of
changes in fair value attributable to changes in the credit risk of the liabilities designated as at fair
value through profit or loss (fair value option), which will be recognised through shareholders’ equity
and not through profit or loss.
IFRS 9 establishes a new credit risk impairment model based on expected losses.
Under the impairment model in IAS 39, an impairment loss is recognised when there is an objective
evidence of a decrease in value. Counterparties that are not individually impaired are risk-assessed on
the basis of portfolios with similar characteristics and groups of counterparties which, as a result of
events occurring since inception of the loans present objective indication of impairment, are subject to a
portfolio-based impairment. Moreover, the Group may recognise additional collective impairment with
respect to a given economic sector or geographic area affected by exceptional economic events.
The new impairment model under IFRS 9 requires accounting for 12-month expected credit losses (that
result from the risk of default in the next 12 months) on the financial instruments issued or acquired,
as of the date of initial recognition on the balance sheet.
Expected credit losses at maturity (that result from the risk of default over the life of the financial
instrument) must be recognised if the credit risk has increased significantly since initial recognition.
This model will apply to loans and debt instruments measured at amortised cost or at fair value
through shareholders’ equity, to loan commitments and financial guarantees not recognised at fair
value, as well as to lease receivables.
The objective of the hedge accounting model under IFRS 9 is to better reflect risk management,
especially by expanding the eligible hedging instruments and eliminating some overly prescriptive rules.
On initial application of IFRS 9, the Group may choose either to apply the new hedge accounting
provisions or to maintain the hedge accounting principles under IAS 39 until the new macro hedging
standard comes into force.
IFRS 9 does not explicitly address the fair value hedge of the interest rate risk on a portfolio of financial
assets or liabilities. The provisions of IAS 39 for these portfolio hedges, as adopted by the European
Union, will continue to apply.
The IFRS 9 implementation projects in the Group have started for each phase of the standard. At this
stage, these projects focus mainly on analysing financial assets for the purposes of classification and
defining the methodology for the new impairment model.
IFRS 15 Revenue from Contracts with Customers, issued in May 2014, will supersede a number of
standards and interpretations on revenue recognition (in particular IAS 18 Revenue and IAS 11
Construction Contracts). This standard does not apply to revenues from lease contracts, insurance
contracts or financial instruments. It is based on a five-step model framework to determine the timing
and amount of recognition of revenue from ordinary activities. IFRS 15 is mandatory for annual periods
beginning on or after 1 January 2018 and must first be endorsed by the European Union for application
in Europe.
- 11 -
1.b
1.b.1
CONSOLIDATION
SCOPE OF CONSOLIDATION
The consolidated financial statements of BNP Paribas include entities that are controlled by the Group,
jointly controlled, and under significant influence, with the exception of those entities whose
consolidation is regarded as immaterial to the Group. The consolidation of an entity is regarded as
immaterial if its contribution to the consolidated financial statements is below the following three
thresholds: EUR 15 million of consolidated revenues, EUR 1 million of consolidated net income before
tax, EUR 500 million of total consolidated assets. Companies that hold shares in consolidated
companies are also consolidated.
Subsidiaries are consolidated from the date on which the Group obtains effective control. Entities under
temporary control are included in the consolidated financial statements until the date of disposal.
1.b.2
CONSOLIDATION METHODS
Controlled enterprises are fully consolidated. The Group controls a subsidiary when it is exposed, or
has rights, to variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity.
For entities governed by voting rights, the Group generally controls the entity if it directly or indirectly
holds the majority of voting rights and if there are no other agreements altering the power of these
voting rights.
Structured entities are defined as entities that are not governed by voting rights, such as when those
voting rights relate to administrative tasks only, whereas the relevant activities are directed by means of
contractual arrangements. They often have the following features or attributes: restricted activities, a
narrow and well-defined objective and insufficient equity to permit them to finance their activities
without subordinated financial support.
For these entities, the analysis of control shall consider the purpose and design of the entity, the risks
to which the entity is designed to be exposed and to what extent the Group absorbs the related
variability. The assessment of control shall consider all facts and circumstances able to determine the
Group's practical ability to make decisions that could significantly affect its returns, even if such
decisions are contingent on uncertain future events or circumstances.
In assessing whether it has power, the Group considers only substantive rights which it holds or which
are held by third parties. For a right to be substantive, the holder must have the practical ability to
exercise that right when decisions about the relevant activities of the entity need to be made.
Control shall be reassessed if facts and circumstances indicate that there are changes to one or more of
the elements of control.
Where the Group contractually holds the decision-making power, for instance where the Group acts as
fund manager, it shall determine whether it is acting as agent or principal. Indeed, when associated
with a certain level of exposure to the variability of returns, this decision-making power may indicate
that the Group is acting on its own account and that it thus has control over those entities.
Where the Group carries out an activity with one or more partners, sharing control by virtue of a
contractual agreement which requires unanimous consent on relevant activities (those that significantly
affect the entity’s returns), the Group exercises joint control over the activity. Where the jointly
controlled activity is structured through a separate vehicle in which the partners have rights to the net
assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity
is not structured through a separate vehicle or where the partners have rights to the assets and
obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the
assets, liabilities, revenues and expenses in accordance with the applicable IFRSs.
- 12 -
Enterprises over which the Group exercises significant influence (associates) are accounted for by the
equity method. Significant influence is the power to participate in the financial and operating policy
decisions of an enterprise without exercising control. Significant influence is presumed to exist when
the Group holds, directly or indirectly, 20% or more of the voting power of an enterprise. Interests of
less than 20% are excluded from consolidation unless they represent a strategic investment and the
Group effectively exercises significant influence. This applies to companies developed in partnership
with other groups, where the BNP Paribas Group participates in strategic decisions of the enterprise
through representation on the Board of Directors or equivalent governing body, exercises influence over
the enterprise’s operational management by supplying management systems or senior managers, or
provides technical assistance to support the enterprise’s development.
Changes in the net assets of associates (companies accounted for under the equity method) are
recognised on the assets side of the balance sheet under “Investments in equity-method entities” and in
the relevant component of shareholders’ equity. Goodwill on associates is also included under
“Investments in equity-method entities”.
Whenever there is an indication of impairment, the carrying amount of the investment consolidated
under the equity method (including goodwill) is subjected to an impairment test, by comparing its
recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount.
Where appropriate, impairment is recognised under "Share of earnings of equity-method entities" in the
consolidated income statement and can be reversed at a later date.
If the Group’s share of losses of an equity-method entity equals or exceeds the carrying amount of its
investment in this entity, the Group discontinues including its share of further losses. The investment
is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent
that the Group has a legal or constructive obligation to do so, or has made payments on behalf of this
entity.
Minority interests are presented separately in the consolidated profit and loss account and balance
sheet within consolidated equity. The calculation of minority interests takes into account the
outstanding cumulative preferred shares classified as equity instruments issued by subsidiaries, when
such shares are held outside the Group.
As regards fully consolidated funds, units held by third-party investors are recognised as debts at fair
value through profit or loss, inasmuch as they are redeemable at market value at the subscriber’s
initiative.
For transactions resulting in a loss of control, any equity interest retained by the Group is remeasured
at its fair value through profit or loss.
Realised gains and losses on investments in consolidated undertakings are recognised in the profit and
loss account under “Net gain on non-current assets”.
1.b.3
CONSOLIDATION PROCEDURES
The consolidated financial statements are prepared using uniform accounting policies for reporting like
transactions and other events in similar circumstances.

Elimination of intragroup balances and transactions
Intragroup balances arising from transactions between consolidated enterprises, and the transactions
themselves (including income, expenses and dividends), are eliminated. Profits and losses arising from
intragroup sales of assets are eliminated, except where there is an indication that the asset sold is
impaired. Unrealised gains and losses included in the value of available-for-sale assets are maintained
in the consolidated financial statements.
- 13 -

Translation of financial statements expressed in foreign currencies
The consolidated financial statements of BNP Paribas are prepared in euros.
The financial statements of enterprises whose functional currency is not the euro are translated using
the closing rate method. Under this method, all assets and liabilities, both monetary and non-monetary,
are translated using the spot exchange rate at the balance sheet date. Income and expense items are
translated at the average rate for the period.
The same method is applied to the financial statements of enterprises located in hyperinflationary
economies, after adjusting for the effects of inflation by applying a general price index.
Differences arising from the translation of balance sheet items and profit and loss items are recorded in
shareholders’ equity under “Exchange rates” for the portion attributable to shareholders, and in
“Minority interests” for the portion attributable to outside investors. Under the optional treatment
permitted by IFRS 1, the Group has reset to zero all translation differences, by booking all cumulative
translation differences attributable to shareholders and to minority interests in the opening balance
sheet at 1 January 2004 to retained earnings.
On liquidation or disposal of some or all of an interest held in a foreign enterprise located outside the
euro zone, leading to a change in the nature of the investment (loss of control, loss of significant
influence or loss of joint control without keeping a significant influence), the cumulative translation
adjustment at the date of liquidation or sale, determined according to the step method, is recognised in
the profit and loss account.
Should the interest percentage held change without any modification in the nature of the investment,
the translation adjustment is reallocated between the portion attributable to shareholders and that
attributable to minority interests, if the enterprise is fully consolidated. For enterprises consolidated
under the equity method, the portion related to the interest sold is recognised in the profit and loss
account.
1.b.4

BUSINESS COMBINATIONS AND MEASUREMENT OF GOODWILL
Business combinations
Business combinations are accounted for using the purchase method.
Under this method, the acquiree’s identifiable assets and liabilities assumed are measured at fair value
at the acquisition date except for non-current assets classified as assets held for sale, which are
accounted for at fair value less costs to sell.
The acquiree’s contingent liabilities are not recognised in the consolidated balance sheet unless they
represent a present obligation on the acquisition date and their fair value can be measured reliably.
The cost of a business combination is the fair value, at the date of exchange, of assets given, liabilities
incurred or assumed, and equity instruments issued to obtain control of the acquiree. Costs directly
attributable to the business combination are treated as a separate transaction and recognised through
profit or loss.
Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the
date when control was acquired. Subsequent changes in the value of any contingent consideration
recognised as a financial liability are recognised through profit or loss.
The Group may recognise any adjustments to the provisional accounting within 12 months of the
acquisition date.
Goodwill represents the difference between the cost of the combination and the acquirer’s interest in the
net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive
goodwill is recognised in the acquirer’s balance sheet, while negative goodwill is recognised immediately
in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value
of the acquiree’s identifiable assets and liabilities. However, for each business combination, the Group
can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated
to them. To date, the Group has never used this latter option.
- 14 -
Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange
rate.
On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair
value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by
reference to the acquisition-date fair value.
Since the revised IFRS 3 is applied prospectively, business combinations completed prior to 1 January
2010 were not restated for the effects of changes to IFRS 3.
As permitted under IFRS 1, business combinations that took place before 1 January 2004 and were
recorded in accordance with the previously applicable accounting standards (French GAAP), have not
been restated in accordance with the principles of IFRS 3.

Measurement of goodwill
The BNP Paribas Group tests goodwill for impairment on a regular basis.
- Cash-generating units
2
The BNP Paribas Group has split all its activities into cash-generating units representing major
business lines. This split is consistent with the Group’s organisational structure and management
methods, and reflects the independence of each unit in terms of results and management approach. It
is reviewed on a regular basis in order to take account of events likely to affect the composition of cashgenerating units, such as acquisitions, disposals and major reorganisations.
- Testing cash-generating units for impairment
Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an
indication that a unit may be impaired, by comparing the carrying amount of the unit with its
recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible
impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of
the unit over its recoverable amount.
- Recoverable amount of a cash-generating unit
The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to
sell, and its value in use.
Fair value is the price that would be obtained from selling the unit at the market conditions prevailing
at the date of measurement, as determined mainly by reference to actual prices of recent transactions
involving similar entities or on the basis of stock market multiples for comparable companies.
Value in use is based on an estimate of the future cash flows to be generated by the cash-generating
unit, derived from the annual forecasts prepared by the unit’s management and approved by Group
Executive Management, and from analyses of changes in the relative positioning of the unit’s activities
on their market. These cash flows are discounted at a rate that reflects the return that investors would
require from an investment in the business sector and region involved.
(2)
As defined by IAS 36.
- 15 -
1.c
FINANCIAL ASSETS AND FINANCIAL LIABILITIES
1.c.1
LOANS AND RECEIVABLES
Loans and receivables include credit provided by the Group, the Group’s share in syndicated loans, and
purchased loans that are not quoted in an active market, unless they are held for trading purposes.
Loans that are quoted in an active market are classified as “Available-for-sale financial assets” and
measured using the methods applicable to this category.
Loans and receivables are initially measured at fair value or equivalent, which is usually the net
amount disbursed at inception including directly attributable origination costs and certain types of fees
or commission (syndication commission, commitment fees and handling charges) that are regarded as
an adjustment to the effective interest rate on the loan.
Loans and receivables are subsequently measured at amortised cost. The income from the loan,
representing interest plus transaction costs and fees/commission included in the initial value of the
loan, is calculated using the effective interest method and taken to profit or loss over the life of the loan.
Commission earned on financing commitments prior to the inception of a loan is deferred and included
in the value of the loan when the loan is made.
Commission earned on financing commitments when the probability of drawdown is low, or when there
is uncertainty as to the timing and amount of drawdowns, is recognised on a straight-line basis over the
life of the commitment.
1.c.2
REGULATED SAVINGS AND LOAN CONTRACTS
Home savings accounts (Comptes Épargne-Logement – “CEL”) and home savings plans (Plans d’Épargne
Logement – “PEL”) are government-regulated retail products sold in France. They combine a savings
phase and a loan phase which are inseparable, with the loan phase contingent upon the savings phase.
These products contain two types of obligations for BNP Paribas: an obligation to pay interest on the
savings for an indefinite period, at a rate set by the government at the inception of the contract (in the
case of PEL products) or at a rate reset every six months using an indexation formula set by law (in the
case of CEL products); and an obligation to lend to the customer (at the customer’s option) an amount
contingent upon the rights acquired during the savings phase, at a rate set at the inception of the
contract (in the case of PEL products) or at a rate contingent upon the savings phase (in the case of CEL
products).
The Group’s future obligations with respect to each generation (in the case of PEL products, a
generation comprises all products with the same interest rate at inception; in the case of CEL products,
all such products constitute a single generation) are measured by discounting potential future earnings
from at-risk outstandings for that generation.
At-risk outstandings are estimated on the basis of a historical analysis of customer behaviour, and are
equivalent to:
-
for the loan phase: statistically probable loans outstanding and actual loans outstanding;
-
for the savings phase: the difference between statistically probable outstandings and minimum
expected outstandings, with minimum expected outstandings being deemed equivalent to
unconditional term deposits.
Earnings for future periods from the savings phase are estimated as the difference between the
reinvestment rate and the fixed savings interest rate on at-risk savings outstanding for the period in
question. Earnings for future periods from the loan phase are estimated as the difference between the
refinancing rate and the fixed loan interest rate on at-risk loans outstanding for the period in question.
The reinvestment rate for savings and the refinancing rate for loans are derived from the swap yield
curve and from the spreads expected on financial instruments of similar type and maturity. Spreads are
determined on the basis of actual spreads on fixed rate home loans in the case of the loan phase and
products offered to individual clients in the case of the savings phase. In order to reflect the uncertainty
- 16 -
of future interest rate trends, and the impact of such trends on customer behaviour models and on atrisk outstandings, the obligations are estimated using the Monte-Carlo method.
Where the sum of the Group’s estimated future obligations with respect to the savings and loan phases
of any generation of contracts indicates a potentially unfavourable situation for the Group, a provision
is recognised (with no offset between generations) in the balance sheet in “Provisions for contingencies
and charges”. Movements in this provision are recognised as interest income in the profit and loss
account.
1.c.3
SECURITIES
Categories of securities

Securities held by the Group are classified into one of four categories.
- Financial assets at fair value through profit or loss
Apart from derivative instruments, financial assets at fair value through profit or loss are composed of:
-
financial assets held for trading purposes;
-
financial assets that the Group has designated, on initial recognition, at fair value through profit
or loss using the fair value option available under IAS 39. The conditions for applying the fair
value option are set out in section 1.c.11.
Securities in this category are measured at fair value at the balance sheet date. Transaction costs are
directly posted in the profit and loss account. Changes in fair value (excluding accrued interest on
fixed-income securities) are presented in the profit and loss account under “Net gain/loss on financial
instruments at fair value through profit or loss”, along with dividends from variable-income securities
and realised gains and losses on disposal.
Income earned on fixed-income securities classified into this category is shown under “Interest income”
in the profit and loss account.
Fair value incorporates an assessment of the counterparty risk on these securities.
- Loans and receivables
Securities with fixed or determinable payments that are not traded on an active market, apart from
securities for which the owner may not recover almost all of its initial investment due to reasons other
than credit deterioration, are classified as “Loans and receivables” if they do not meet the criteria to be
classified as “Financial assets at fair value through profit or loss”. These securities are measured and
recognised as described in section 1.c.1.
- Held-to-maturity financial assets
Held-to-maturity financial assets are investments with fixed or determinable payments and fixed
maturity that the Group has the intention and ability to hold until maturity. Hedges contracted to cover
assets in this category against interest rate risk do not qualify for hedge accounting as defined in IAS
39.
Assets in this category are accounted for at amortised cost using the effective interest method, which
builds in amortisation of premium and discount (corresponding to the difference between the purchase
price and redemption value of the asset) and acquisition costs (where material). Income earned from
this category of assets is included in “Interest income” in the profit and loss account.
- 17 -
- Available-for-sale financial assets
Available-for-sale financial assets are fixed-income and variable-income securities other than those
classified as “fair value through profit or loss” or “held-to-maturity” or “loans and receivables”.
Assets included in the available-for-sale category are initially recorded at fair value, plus transaction
costs where material. At the balance sheet date, they are remeasured at fair value, with changes in fair
value (excluding accrued interest) shown on a separate line in shareholders’ equity. Upon disposal,
these unrealised gains and losses are transferred from shareholders’ equity to the profit and loss
account, where they are shown on the line “Net gain/loss on available-for-sale financial assets”. The
same applies in the event of impairment.
Income recognised using the effective interest method for fixed-income available-for-sale securities is
recorded under “Interest income” in the profit and loss account. Dividend income from variable-income
securities is recognised under “Net gain/loss on available-for-sale financial assets” when the Group’s
right to receive payment is established.

Repurchase agreements and securities lending/borrowing
Securities temporarily sold under repurchase agreements continue to be recorded in the Group’s
balance sheet in the category of securities to which they belong. The corresponding liability is
recognised in the appropriate debt category on the balance sheet except in the case of repurchase
agreements contracted for trading purposes where the corresponding liability is classified under
“Financial liabilities at fair value through profit or loss”.
Securities temporarily acquired under reverse repurchase agreements are not recognised in the Group’s
balance sheet. The corresponding receivable is recognised under “Loans and receivables” except in the
case of reverse repurchase agreements contracted for trading purposes, where the corresponding
receivable is recognised under “Financial assets at fair value through profit or loss”.
Securities lending transactions do not result in derecognition of the lent securities, and securities
borrowing transactions do not result in recognition of the borrowed securities on the balance sheet. In
cases where the borrowed securities are subsequently sold by the Group, the obligation to deliver the
borrowed securities on maturity is recognised on the balance sheet under “Financial liabilities at fair
value through profit or loss”.

Date of recognition for securities transactions
Securities classified as at fair value through profit or loss, held-to-maturity or available-for-sale
financial assets are recognised at the trade date.
Regardless of their classification (at fair value through profit or loss, loans and receivables or debt),
temporary sales of securities as well as sales of borrowed securities are initially recognised at the
settlement date. For reverse repurchase agreements and repurchase agreements, a financing
commitment, respectively given and received, is recognized between the trade date and the settlement
date when the transactions are recognised, respectively, as "Loans and receivables" and "Liabilities".
When reverse repurchase agreements and repurchase agreements are recognised, respectively, as
"Financial assets at fair value through profit or loss" and "Financial liabilities at fair value through
profit or loss", the repurchase commitment is recognised as a derivative financial instrument.
Securities transactions are carried on the balance sheet until the Group’s rights to receive the related
cash flows expire, or until the Group has substantially transferred all the risks and rewards related to
ownership of the securities.
- 18 -
1.c.4
FOREIGN CURRENCY TRANSACTIONS
The methods used to account for assets and liabilities relating to foreign currency transactions entered
into by the Group, and to measure the foreign exchange risk arising on such transactions, depend on
whether the asset or liability in question is classified as a monetary or a non-monetary item.
3
- Monetary assets and liabilities expressed in foreign currencies
Monetary assets and liabilities expressed in foreign currencies are translated into the functional
currency of the relevant Group entity at the closing rate. Translation differences are recognised
in the profit and loss account, except for those arising from financial instruments designated as
a cash flow hedge or a net foreign investment hedge, which are recognised in shareholders’
equity.
- Non-monetary assets and liabilities expressed in foreign currencies
Non-monetary assets may be measured either at historical cost or at fair value. Non-monetary
assets expressed in foreign currencies are translated using the exchange rate at the date of the
transaction if they are measured at historical cost, and at the closing rate if they are measured
at fair value.
Translation differences on non-monetary assets expressed in foreign currencies and measured
at fair value (variable-income securities) are recognised in the profit and loss account if the asset
is classified under “Financial assets at fair value through profit or loss”, and in shareholders’
equity if the asset is classified under “Available-for-sale financial assets”, unless the financial
asset in question is designated as an item hedged against foreign exchange risk in a fair value
hedging relationship, in which case the translation difference is recognised in the profit and loss
account.
1.c.5

IMPAIRMENT AND RESTRUCTURING OF FINANCIAL ASSETS
Doubtful assets
Doubtful assets are defined as assets where the Bank considers that there is a risk that the debtors will
be unable to honour all or part of their commitments.

Impairment of loans and receivables and held-to-maturity financial assets, provisions for
financing and guarantee commitments
An impairment loss is recognised against loans and held-to-maturity financial assets where (i) there is
objective evidence of a decrease in value as a result of an event occurring after inception of the loan or
acquisition of the asset; (ii) the event affects the amount or timing of future cash flows; and (iii) the
consequences of the event can be reliably measured. Loans are initially assessed for evidence of
impairment on an individual basis, and subsequently on a portfolio basis. Similar principles are applied
to financing and guarantee commitments given by the Group, with the probability of drawdown taken
into account in any assessment of financing commitments.
(3)
Monetary assets and liabilities are assets and liabilities to be received or paid in fixed or determinable amounts of cash.
- 19 -
At an individual level, objective evidence that a financial asset is impaired includes observable data
regarding the following events:
-
the existence of accounts that are more than three months past due (six months past due for real
estate loans and loans to local authorities);
-
knowledge or indications that the borrower meets significant financial difficulty, such that a risk
can be considered to have arisen regardless of whether the borrower has missed any payments;
-
concessions with respect to the credit terms granted to the borrower that the lender would not have
considered had the borrower not been meeting financial difficulty (see section “Restructuring of
assets classified as "Loans and receivables"”).
The amount of the impairment is the difference between the carrying amount before impairment and
the present value, discounted at the original effective interest rate of the asset, of those components
(principal, interest, collateral, etc.) regarded as recoverable. Changes in the amount of impairment
losses are recognised in the profit and loss account under “Cost of risk”. Any subsequent decrease in an
impairment loss that can be related objectively to an event occurring after the impairment loss was
recognised is credited to the profit and loss account, also under “Cost of risk”. Once an asset has been
impaired, the theoretical income earned on the carrying amount of the asset calculated at the original
effective interest rate used to discount the estimated recoverable cash flows is recognised under
“Interest income” in the profit and loss account.
Impairment losses on loans and receivables are usually recorded in a separate provision account which
reduces the amount for which the loan or receivable was recorded in assets upon initial recognition.
Provisions relating to off-balance sheet financial instruments, financing and guarantee commitments or
disputes are recognised in liabilities. Impaired receivables are written off in whole or in part and the
corresponding provision is reversed for the amount of the loss when all other means available to the
Bank for recovering the receivables or guarantees have failed, or when all or part of the receivables have
been waived.
Counterparties that are not individually impaired are risk-assessed on a portfolio basis with similar
characteristics. This assessment draws upon an internal rating system based on historical data,
adjusted as necessary to reflect circumstances prevailing at the balance sheet date. It enables the
Group to identify groups of counterparties which, as a result of events occurring since inception of the
loans, have collectively acquired a probability of default at maturity that provides objective evidence of
impairment of the entire portfolio, but without it being possible at that stage to allocate the impairment
to individual counterparties. This assessment also estimates the amount of the loss on the portfolios in
question, taking account of trends in the economic cycle during the assessment period. Changes in the
amount of portfolio impairments are recognised in the profit and loss account under “Cost of risk”.
Based on the experienced judgement of the Bank’s divisions or Risk Management, the Group may
recognise additional collective impairment provisions with respect to a given economic sector or
geographic area affected by exceptional economic events. This may be the case when the consequences
of these events cannot be measured with sufficient accuracy to adjust the parameters used to
determine the collective provision recognised against affected portfolios of loans with similar
characteristics.

Impairment of available-for-sale financial assets
Impairment of available-for-sale financial assets (which mainly comprise securities) is recognised on an
individual basis if there is objective evidence of impairment as a result of one or more events occurring
since acquisition.
In the case of variable-income securities quoted in an active market, the control system identifies
securities that may be impaired on a long term basis and is based on criteria such as a significant
decline in quoted price below the acquisition cost or a prolonged decline, which prompts the Group to
carry out an additional individual qualitative analysis. This may lead to the recognition of an
impairment loss calculated on the basis of the quoted price.
- 20 -
Apart from the identification criteria, the Group has determined three indications of impairment, one
being a significant decline in price, defined as a fall of more than 50% of the acquisition price, another
being a prolonged decline over two consecutive years and the final one being a decline on average of at
least 30% over an observation period of one year. The Group believes that a period of two years is what
is necessary for a moderate decline in price below the purchase cost to be considered as something
more than just the effect of random volatility inherent in the stock markets or a cyclical change lasting
a few years, but which represents a lasting phenomenon justifying an impairment.
A similar method is applied for variable-income securities not quoted in an active market. Any
impairment is then determined based on the model value.
In the case of fixed-income securities, impairment is assessed based on the same criteria applied to
individually impaired loans and receivables. For securities quoted in an active market, impairment is
determined based on the quoted price. For all the others, it is determined based on model value.
Impairment losses taken against variable-income securities are recognised as a component of Revenues
on the line “Net gain/loss on available-for-sale financial assets”, and may not be reversed through the
profit and loss account until these securities are sold. Any subsequent decline in fair value constitutes
an additional impairment loss, recognised in the profit and loss account.
Impairment losses taken against fixed-income securities are recognised under “Cost of risk”, and may
be reversed through the profit and loss account in the event of an increase in fair value that relates
objectively to an event occurring after the last impairment was recognised.

Restructuring of assets classified as "Loans and receivables"
The restructuring of an asset classified in loans and receivables is considered to be a troubled debt
restructuring when the Bank, for economic or legal reasons related to the borrower's financial
difficulties, agrees to a modification of terms of the original transaction that it would not otherwise
consider, resulting in the borrower's contractual obligation to the Bank, measured at present value,
being reduced compared with the original terms.
At the time of restructuring, a discount is applied to the loan to reduce its carrying amount to the
present value of the new expected future cash flows discounted at the original effective interest rate.
The decrease in the asset value is recognised in the profit and loss account under "Cost of risk".
When the restructuring consists of a partial or full settlement with other substantially different assets,
the original debt (see note 1.c.14) and the assets received in settlement are recognised at their fair value
on the settlement date. The difference in value is recognised in profit or loss under "Cost of risk".
- 21 -
1.c.6
RECLASSIFICATION OF FINANCIAL ASSETS
The only authorised reclassifications of financial assets are the following:
-
-
For a non-derivative financial asset which is no longer held for the purposes of selling it in the
near-term, out of “Financial assets at fair value through profit or loss” and into:

“Loans and receivables” if the asset meets the definition for this category and the Group has
the intention and ability to hold the asset for the foreseeable future or until maturity; or

Other categories only under rare circumstances when justified and provided that the
reclassified assets meet the conditions applicable to the host portfolio.
Out of “Available-for-sale financial assets” and into:

“Loans and receivables” with the same conditions as set out above for "Financial assets at
fair value through profit or loss”;

“Held-to-maturity financial assets,” for assets that have a maturity, or “Financial assets at
cost,” for unlisted variable-income assets.
Financial assets are reclassified at fair value, or at the value calculated by a model, on the
reclassification date. Any derivatives embedded in the reclassified financial assets are recognised
separately and changes in fair value are recognised through profit or loss.
After reclassification, assets are recognised according to the provisions applied to the host portfolio. The
transfer price on the reclassification date is deemed to be the initial cost of the asset for the purpose of
determining any impairment.
In the event of reclassification from "Available-for-sale financial assets" to another category, gains or
losses previously recognised through equity are amortised to profit or loss over the residual life of the
instrument using the effective interest method.
Any upward revisions to the estimated recoverable amounts are recognised through an adjustment to
the effective interest rate as of the date on which the estimate is revised. Downward revisions are
recognised through an adjustment to the financial asset's carrying amount.
1.c.7
ISSUES OF DEBT SECURITIES
Financial instruments issued by the Group are qualified as debt instruments if the Group company
issuing the instruments has a contractual obligation to deliver cash or another financial asset to the
holder of the instrument. The same applies if the Group is required to exchange financial assets or
financial liabilities with another entity under conditions that are potentially unfavourable to the Group,
or to deliver a variable number of the Group’s own equity instruments.
Issues of debt securities are initially recognised at the issue value including transaction costs, and are
subsequently measured at amortised cost using the effective interest method.
Bonds redeemable for or convertible into equity instruments of the Group are accounted for as hybrid
instruments with a debt component and an equity component, determined on initial recognition.
- 22 -
1.c.8
OWN EQUITY INSTRUMENTS AND OWN EQUITY INSTRUMENT DERIVATIVES
The term “own equity instruments” refers to shares issued by the parent company (BNP Paribas SA) and
by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new
shares are deducted from equity net of all related taxes.
Own equity instruments held by the Group, also known as treasury shares, are deducted from
consolidated shareholders’ equity irrespective of the purpose for which they are held. Gains and losses
arising on such instruments are eliminated from the consolidated profit and loss account.
When the Group acquires equity instruments issued by subsidiaries under the exclusive control of
BNP Paribas, the difference between the acquisition price and the share of net assets acquired is
recorded in retained earnings attributable to BNP Paribas shareholders. Similarly, the liability
corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the
value of that liability, are offset initially against minority interests, with any surplus offset against
retained earnings attributable to BNP Paribas shareholders. Until these options have been exercised,
the portion of net income attributable to minority interests is allocated to minority interests in the profit
and loss account. A decrease in the Group’s interest in a fully consolidated subsidiary is recognised in
the Group's accounts as a change in shareholders' equity.
Own equity instrument derivatives are treated as follows, depending on the method of settlement:
-
as equity instruments if they are settled by physical delivery of a fixed number of own equity
instruments for a fixed amount of cash or other financial asset. Such instruments are not revalued;
-
as derivatives if they are settled in cash, or by choice, depending on whether they are settled by
physical delivery of the shares or in cash. Changes in value of such instruments are taken to the
profit and loss account.
If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own
shares, the bank must recognise the debt at its present value with an offsetting entry in equity.
1.c.9
DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING
All derivative instruments are recognised in the balance sheet on the trade date at the transaction price,
and are remeasured to fair value on the balance sheet date.

Derivatives held for trading purposes
Derivatives held for trading purposes are recognised in the balance sheet in “Financial assets at fair
value through profit or loss” when their fair value is positive, and in “Financial liabilities at fair value
through profit or loss” when their fair value is negative. Realised and unrealised gains and losses are
recognised in the profit and loss account on the line “Net gain/loss on financial instruments at fair
value through profit or loss”.

Derivatives and hedge accounting
Derivatives contracted as part of a hedging relationship are designated according to the purpose of the
hedge.
Fair value hedges are particularly used to hedge interest rate risk on fixed rate assets and liabilities,
both for identified financial instruments (securities, debt issues, loans, borrowings) and for portfolios of
financial instruments (in particular, demand deposits and fixed rate loans).
Cash flow hedges are particularly used to hedge interest rate risk on floating-rate assets and liabilities,
including rollovers, and foreign exchange risks on highly probable forecast foreign currency revenues.
- 23 -
At the inception of the hedge, the Group prepares formal documentation which details the hedging
relationship, identifying the instrument, or portion of the instrument, or portion of risk that is being
hedged, the hedging strategy and the type of risk hedged, the hedging instrument, and the methods
used to assess the effectiveness of the hedging relationship.
On inception and at least quarterly, the Group assesses, in consistency with the original
documentation, the actual (retrospective) and expected (prospective) effectiveness of the hedging
relationship. Retrospective effectiveness tests are designed to assess whether the ratio of actual changes
in the fair value or cash flows of the hedging instrument to those in the hedged item is within a range of
80% to 125%. Prospective effectiveness tests are designed to ensure that expected changes in the fair
value or cash flows of the derivative over the residual life of the hedge adequately offset those of the
hedged item. For highly probable forecast transactions, effectiveness is assessed largely on the basis of
historical data for similar transactions.
Under IAS 39 as adopted by the European Union, which excludes certain provisions on portfolio
hedging, interest rate risk hedging relationships based on portfolios of assets or liabilities qualify for fair
value hedge accounting as follows:
-
the risk designated as being hedged is the interest rate risk associated with the interbank rate
component of interest rates on commercial banking transactions (loans to customers, savings
accounts and demand deposits);
-
the instruments designated as being hedged correspond, for each maturity band, to a portion of the
interest rate gap associated with the hedged underlyings;
-
the hedging instruments used consist exclusively of “plain vanilla” swaps;
-
prospective hedge effectiveness is established by the fact that all derivatives must, on inception,
have the effect of reducing interest rate risk in the portfolio of hedged underlyings. Retrospectively,
a hedge will be disqualified from hedge accounting once a shortfall arises in the underlyings
specifically associated with that hedge for each maturity band (due to prepayment of loans or
withdrawals of deposits).
The accounting treatment of derivatives and hedged items depends on the hedging strategy.
In a fair value hedging relationship, the derivative instrument is remeasured at fair value in the balance
sheet, with changes in fair value recognised in profit or loss in “Net gain/loss on financial instruments
at fair value through profit or loss”, symmetrically with the remeasurement of the hedged item to reflect
the hedged risk. In the balance sheet, the fair value remeasurement of the hedged component is
recognised in accordance with the classification of the hedged item in the case of a hedge of identified
assets and liabilities, or under “Remeasurement adjustment on interest rate risk hedged portfolios” in
the case of a portfolio hedging relationship.
If a hedging relationship ceases or no longer fulfils the effectiveness criteria, the hedging instrument is
transferred to the trading book and accounted for using the treatment applied to this category. In the
case of identified fixed-income instruments, the remeasurement adjustment recognised in the balance
sheet is amortised at the effective interest rate over the remaining life of the instrument. In the case of
interest rate risk hedged fixed-income portfolios, the adjustment is amortised on a straight-line basis
over the remainder of the original term of the hedge. If the hedged item no longer appears in the balance
sheet, in particular due to prepayments, the adjustment is taken to the profit and loss account
immediately.
In a cash flow hedging relationship, the derivative is measured at fair value in the balance sheet, with
changes in fair value taken to shareholders’ equity on a separate line, “Unrealised or deferred gains or
losses”. The amounts taken to shareholders’ equity over the life of the hedge are transferred to the profit
and loss account under “Net interest income” as and when the cash flows from the hedged item impact
profit or loss. The hedged items continue to be accounted for using the treatment specific to the
category to which they belong.
If the hedging relationship ceases or no longer fulfils the effectiveness criteria, the cumulative amounts
recognised in shareholders’ equity as a result of the remeasurement of the hedging instrument remain
in equity until the hedged transaction itself impacts profit or loss, or until it becomes clear that the
transaction will not occur, at which point they are transferred to the profit and loss account.
If the hedged item ceases to exist, the cumulative amounts recognised in shareholders’ equity are
immediately taken to the profit and loss account.
- 24 -
Whatever the hedging strategy used, any ineffective portion of the hedge is recognised in the profit and
loss account under “Net gain/loss on financial instruments at fair value through profit or loss”.
Hedges of net foreign currency investments in subsidiaries and branches are accounted for in the same
way as cash flow hedges. Hedging instruments may be currency derivatives or any other non-derivative
financial instrument.

Embedded derivatives
Derivatives embedded in hybrid financial instruments are separated from the value of the host contract
and accounted for separately as a derivative if the hybrid instrument is not recorded as a financial asset
or liability at fair value through profit or loss, and if the economic characteristics and risks of the
embedded derivative are not closely related to those of the host contract.
1.c.10
DETERMINATION OF FAIR VALUE
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants in the principal market or most advantageous market, at the
measurement date.
The Group determines the fair value of financial instruments either by using prices obtained directly
from external data or by using valuation techniques. These valuation techniques are primarily market
and income approaches encompassing generally accepted models (e.g. discounted cash flows, BlackScholes model, and interpolation techniques). They maximize the use of observable inputs and minimize
the use of unobservable inputs. They are calibrated to reflect current market conditions and valuation
adjustments are applied as appropriate, when some factors such as model, liquidity and credit risks are
not captured by the models or their underlying inputs but are nevertheless considered by market
participants when setting the exit price.
The unit of measurement is generally the individual financial asset or financial liability but a portfoliobased measurement can be elected, subject to certain conditions. Accordingly, the Group retains this
portfolio-based measurement exception to determine the fair value when some group of financial assets
and financial liabilities and other contracts within the scope of the standard relating to financial
instruments with substantially similar and offsetting market risks or credit risks are managed on the
basis of a net exposure, in accordance with the documented risk management strategy.
Assets and liabilities measured or disclosed at fair value are categorised into the three following levels of
the fair value hierarchy:
-
Level 1: fair values are determined using directly quoted prices in active markets for identical
assets and liabilities. Characteristics of an active market include the existence of a sufficient
frequency and volume of activity and of readily available prices.
-
Level 2: fair values are determined based on valuation techniques for which significant inputs are
observable market data, either directly or indirectly. These techniques are regularly calibrated and
the inputs are corroborated with information from active markets.
-
Level 3: fair values are determined using valuation techniques for which significant inputs are
unobservable or cannot be corroborated by market-based observations, due for instance to
illiquidity of the instrument and significant model risk. An unobservable input is a parameter for
which there are no market data available and that is therefore derived from proprietary
assumptions about what other market participants would consider when assessing fair value. The
assessment of whether a product is illiquid or subject to significant model risks is a matter of
judgment.
The level in the fair value hierarchy within which the asset or liability is categorised in its entirety is
based upon the lowest level input that is significant to the entire fair value.
For financial instruments disclosed in Level 3 of the fair value hierarchy, a difference between the
transaction price and the fair value may arise at initial recognition. This “Day One Profit” is deferred
and released to the profit and loss account over the period during which the valuation parameters are
expected to remain non-observable. When parameters that were originally non-observable become
- 25 -
observable, or when the valuation can be substantiated in comparison with recent similar transactions
in an active market, the unrecognised portion of the day one profit is released to the profit and loss
account.
1.c.11
FINANCIAL ASSETS AND LIABILITIES DESIGNATED AS AT FAIR VALUE THROUGH
PROFIT OR LOSS (FAIR VALUE OPTION)
Financial assets or financial liabilities may be designated on initial recognition as at fair value through
profit or loss, in the following cases:
-
hybrid financial instruments containing one or more embedded derivatives which otherwise would
have been separated and accounted for separately;
-
where using the option enables the entity to eliminate or significantly reduce a mismatch in the
measurement and accounting treatment of assets and liabilities that would arise if they were to be
classified in separate categories;
-
when a group of financial assets and/or financial liabilities is managed and measured on the basis
of fair value, in accordance with a documented risk management and investment strategy.
1.c.12
INCOME AND EXPENSES ARISING FROM FINANCIAL ASSETS AND FINANCIAL
LIABILITIES
Income and expenses arising from financial instruments measured at amortised cost and from fixedincome securities classified in “Available-for-sale financial assets” are recognised in the profit and loss
account using the effective interest method.
The effective interest rate is the rate that exactly discounts estimated future cash flows through the
expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying
amount of the asset or liability in the balance sheet. The effective interest rate calculation takes into
account all fees received or paid that are an integral part of the effective interest rate of the contract,
transaction costs, and premiums and discounts.
The method used by the Group to recognise service-related commission income and expenses depends
on the nature of the service. Commission treated as an additional component of interest is included in
the effective interest rate, and is recognised in the profit and loss account in “Net interest income”.
Commission payable or receivable on execution of a significant transaction is recognised in the profit
and loss account in full on execution of the transaction, under “Commission income and expense”.
Commission payable or receivable for recurring services is recognised over the term of the service, also
under “Commission income and expense”.
Commission received in respect of financial guarantee commitments is regarded as representing the fair
value of the commitment. The resulting liability is subsequently amortised over the term of the
commitment, under commission income in Revenues.
- 26 -
1.c.13
COST OF RISK
Cost of risk includes movements in provisions for impairment of fixed-income securities and loans and
receivables due from customers and credit institutions, movements in provisions for financing and
guarantee commitments given, losses on irrecoverable loans and amounts recovered on loans written
off. This caption also includes impairment losses recorded with respect to default risk incurred on
counterparties for over-the-counter financial instruments, as well as expenses relating to fraud and to
disputes inherent to the financing business.
1.c.14
DERECOGNITION OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The Group derecognises all or part of a financial asset either when the contractual rights to the cash
flows from the asset expire or when the Group transfers the contractual rights to the cash flows from
the asset and substantially all the risks and rewards of ownership of the asset. Unless these conditions
are fulfilled, the Group retains the asset in its balance sheet and recognises a liability for the obligation
created as a result of the transfer of the asset.
The Group derecognises all or part of a financial liability when the liability is extinguished in full or in
part.
1.c.15
OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES
A financial asset and a financial liability are offset and the net amount presented in the balance sheet
if, and only if, the Group has a legally enforceable right to set off the recognised amounts, and intends
either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Repurchase agreements and derivatives traded with clearing houses that meet the two criteria set out in
the accounting standard are offset in the balance sheet.
1.d
ACCOUNTING STANDARDS SPECIFIC TO INSURANCE BUSINESS
The specific accounting policies relating to assets and liabilities generated by insurance contracts and
financial contracts with a discretionary participation feature written by fully consolidated insurance
companies are retained for the purposes of the consolidated financial statements. These policies comply
with IFRS 4.
All other insurance company assets and liabilities are accounted for using the policies applied to the
Group’s assets and liabilities generally, and are included in the relevant balance sheet and profit and
loss account headings in the consolidated financial statements.
1.d.1
ASSETS
Financial assets and non-current assets are accounted for using the policies described elsewhere in this
note. The only exceptions are shares in civil property companies (SCIs) held in unit-linked insurance
contract portfolios, which are measured at fair value on the balance sheet date with changes in fair
value taken to profit or loss.
Financial assets representing technical provisions related to unit-linked business are shown in
“Financial assets at fair value through profit or loss”, and are stated at the realisable value of the
underlying assets at the balance sheet date.
- 27 -
1.d.2
LIABILITIES
The Group’s obligations to policyholders and beneficiaries are shown in “Technical reserves of insurance
companies” and are comprised of liabilities relating to insurance contracts carrying a significant
insurance risk (e.g., mortality or disability) and to financial contracts with a discretionary participation
feature, which are covered by IFRS 4. A discretionary participation feature is one which gives life
policyholders the right to receive a share of actual profits as a supplement to guaranteed benefits.
Liabilities relating to other financial contracts, which are covered by IAS 39, are shown in “Due to
customers”.
Unit-linked contract liabilities are measured in reference to the fair value of the underlying assets at the
balance sheet date.
The technical reserves of life insurance subsidiaries consist primarily of mathematical reserves, which
generally correspond to the surrender value of the contract.
The benefits offered relate mainly to the risk of death (term life insurance, annuities, loan repayment,
guaranteed minimum on unit-linked contracts) and, for borrowers’ insurance, to disability, incapacity
and unemployment risks. These types of risks are controlled by the use of appropriate mortality tables
(certified tables in the case of annuity-holders), medical screening appropriate to the level of benefit
offered, statistical monitoring of insured populations, and reinsurance programmes.
Non-life technical reserves include unearned premium reserves (corresponding to the portion of written
premiums relating to future periods) and outstanding claims reserves, inclusive of claims handling
costs.
The adequacy of technical reserves is tested at the balance sheet date by comparing them with the
average value of future cash flows as derived from stochastic analyses. Any adjustments to technical
reserves are taken to the profit and loss account for the period. A capitalisation reserve is set up in
individual statutory accounts on the sale of amortisable securities in order to defer part of the net
realised gain and hence maintain the yield to maturity on the portfolio of admissible assets. In the
consolidated financial statements, the bulk of this reserve is reclassified to “Policyholders’ surplus” on
the liabilities side of the consolidated balance sheet; a deferred tax liability is recognised on the portion
taken to shareholders' equity.
This item also includes the policyholders’ surplus reserve resulting from the application of shadow
accounting. This represents the interest of policyholders, mainly within French life insurance
subsidiaries, in unrealised gains and losses on assets where the benefit paid under the policy is linked
to the return on those assets. This interest is an average derived from stochastic analyses of unrealised
gains and losses attributable to policyholders in various scenarios.
In the event of an unrealised loss on shadow accounted assets, a policyholders' loss reserve is
recognised on the assets side of the consolidated balance sheet in an amount equal to the probable
deduction from the policyholders' future profit share. The recoverability of the policyholders' loss
reserve is assessed prospectively, taking into account policyholders' surplus reserves recognised
elsewhere, capital gains on financial assets that are not shadow accounted due to accounting elections
made (held-to-maturity financial assets and property investments measured at cost) and the company's
ability and intention to hold the assets carrying the unrealised loss. The policyholders' loss reserve is
recognised symmetrically with the corresponding assets and shown on the assets side of the balance
sheet under the line item "Accrued income and other assets".
- 28 -
1.d.3
PROFIT AND LOSS ACCOUNT
Income and expenses arising on insurance contracts written by the Group are recognised in the profit
and loss account under “Income from other activities” and “Expense on other activities”.
Other insurance company income and expenses are included in the relevant profit and loss account
item. Consequently, movements in the policyholders’ surplus reserve are shown on the same line as
gains and losses on the assets that generated the movements.
1.e
PROPERTY, PLANT, EQUIPMENT AND INTANGIBLE ASSETS
Property, plant and equipment and intangible assets shown in the consolidated balance sheet are
composed of assets used in operations and investment property.
Assets used in operations are those used in the provision of services or for administrative purposes, and
include non-property assets leased by the Group as lessor under operating leases.
Investment property comprises property assets held to generate rental income and capital gains.
Property, plant and equipment and intangible assets are initially recognised at purchase price plus
directly attributable costs, together with borrowing costs where a long period of construction or
adaptation is required before the asset can be brought into service.
Software developed internally by the BNP Paribas Group that fulfils the criteria for capitalisation is
capitalised at direct development cost, which includes external costs and the labour costs of employees
directly attributable to the project.
Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at
cost less accumulated depreciation or amortisation and any impairment losses. The only exceptions are
shares in civil property companies (SCIs) held in unit-linked insurance contract portfolios, which are
measured at fair value on the balance sheet date, with changes in fair value taken to profit or loss.
The depreciable amount of property, plant and equipment and intangible assets is calculated after
deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating
leases are presumed to have a residual value, as the useful life of property, plant and equipment and
intangible assets used in operations is generally the same as their economic life.
Property, plant and equipment and intangible assets are depreciated or amortised using the straightline method over the useful life of the asset. Depreciation and amortisation expense is recognised in the
profit and loss account under “Depreciation, amortisation and impairment of property, plant and
equipment and intangible assets”.
Where an asset consists of a number of components which may require replacement at regular
intervals, or which have different uses or generate economic benefits at different rates, each component
is recognised separately and depreciated using a method appropriate to that component. The
BNP Paribas Group has adopted the component-based approach for property used in operations and for
investment property.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for
prime and other property respectively); 30 years for facades; 20 years for general and technical
installations; and 10 years for fixtures and fittings.
Software is amortised, depending on its type, over periods of no more than 8 years in the case of
infrastructure developments and 3 years or 5 years in the case of software developed primarily for the
purpose of providing services to customers.
Software maintenance costs are expensed as incurred. However, expenditure that is regarded as
upgrading the software or extending its useful life is included in the initial acquisition or production
cost.
Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an
indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for
impairment at least annually, using the same method as for goodwill allocated to cash-generating units.
If there is an indication of impairment, the new recoverable amount of the asset is compared with the
carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and
- 29 -
loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if
there is no longer an indication of impairment. Impairment losses are taken to the profit and loss
account in “Depreciation, amortisation and impairment of property, plant and equipment and intangible
assets”.
Gains and losses on disposals of property, plant and equipment and intangible assets used in
operations are recognised in the profit and loss account in “Net gain on non-current assets”.
Gains and losses on disposals of investment property are recognised in the profit and loss account in
“Income from other activities” or “Expense on other activities”.
1.f
LEASES
Group companies may either be the lessee or the lessor in a lease agreement.
1.f.1
LESSOR ACCOUNTING
Leases contracted by the Group as lessor are categorised as either finance leases or operating leases.

Finance leases
In a finance lease, the lessor transfers substantially all the risks and rewards of ownership of an asset
to the lessee. It is treated as a loan made to the lessee to finance the purchase of the asset.
The present value of the lease payments, plus any residual value, is recognised as a receivable. The net
income earned from the lease by the lessor is equal to the amount of interest on the loan, and is taken
to the profit and loss account under “Interest income”. The lease payments are spread over the lease
term, and are allocated to reduction of the principal and to interest such that the net income reflects a
constant rate of return on the net investment outstanding in the lease. The rate of interest used is the
rate implicit in the lease.
Individual and portfolio impairments of lease receivables are determined using the same principles as
applied to other loans and receivables.

Operating leases
An operating lease is a lease under which substantially all the risks and rewards of ownership of an
asset are not transferred to the lessee.
The asset is recognised under property, plant and equipment in the lessor’s balance sheet and
depreciated on a straight-line basis over the lease term. The depreciable amount excludes the residual
value of the asset. The lease payments are taken to the profit and loss account in full on a straight-line
basis over the lease term. Lease payments and depreciation expenses are taken to the profit and loss
account under “Income from other activities” and “Expense on other activities”.
1.f.2
LESSEE ACCOUNTING
Leases contracted by the Group as lessee are categorised as either finance leases or operating leases.
- 30 -

Finance leases
A finance lease is treated as an acquisition of an asset by the lessee, financed by a loan. The leased
asset is recognised in the balance sheet of the lessee at the lower of its fair value or the present value of
the minimum lease payments calculated at the interest rate implicit in the lease. A matching liability,
equal to the fair value of the leased asset or the present value of the minimum lease payments, is also
recognised in the balance sheet of the lessee. The asset is depreciated using the same method as that
applied to owned assets, after deducting the residual value from the amount initially recognised, over
the useful life of the asset. If there is no reasonable certainty that the lessee will obtain ownership by
the end of the lease term, the asset shall be fully depreciated over the shorter of the lease term and its
useful life. The lease obligation is accounted for at amortised cost.

Operating leases
The asset is not recognised in the balance sheet of the lessee. Lease payments made under operating
leases are taken to the profit and loss account of the lessee on a straight-line basis over the lease term.
1.g
NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Where the Group decides to sell non-current assets and it is highly probable that the sale will occur
within 12 months, these assets are shown separately in the balance sheet, on the line “Non-current
assets held for sale”. Any liabilities associated with these assets are also shown separately in the
balance sheet, on the line “Liabilities associated with non-current assets held for sale”.
Once classified in this category, non-current assets and groups of assets and liabilities are measured at
the lower of carrying amount or fair value less costs to sell.
Such assets are no longer depreciated. If an asset or group of assets and liabilities becomes impaired,
an impairment loss is recognised in the profit and loss account. Impairment losses may be reversed.
Where a group of assets and liabilities held for sale represents a cash generating unit, it is categorised
as a “discontinued operation”. Discontinued operations include operations that are held for sale,
operations that have been shut down, and subsidiaries acquired exclusively with a view to resell.
All gains and losses related to discontinued operations are shown separately in the profit and loss
account, on the line “Post-tax gain/loss on discontinued operations and assets held for sale”. This line
includes the post-tax profits or losses of discontinued operations, the post-tax gain or loss arising from
remeasurement at fair value less costs to sell, and the post-tax gain or loss on disposal of the operation.
- 31 -
1.h
EMPLOYEE BENEFITS
Employee benefits are classified in one of four categories:
-
short-term benefits, such as salary, annual leave, incentive plans, profit-sharing and additional
payments;
-
long-term benefits, including compensated absences, long-service awards, and other types of cashbased deferred compensation;
-
termination benefits;
-
post-employment benefits, including top-up banking industry pensions and retirement bonuses in
France and pension plans in other countries, some of which are operated through pension funds.

Short-term benefits
The Group recognises an expense when it has used services rendered by employees in exchange for
employee benefits.

Long-term benefits
These are benefits, other than short-term benefits, post-employment benefits and termination benefits.
This relates, in particular, to compensation deferred for more than 12 months and not linked to the
BNP Paribas share price, which is accrued in the financial statements for the period in which it is
earned.
The actuarial techniques used are similar to those used for defined-benefit post-employment benefits,
except that the revaluation items are recognised in the profit and loss account and not in equity.

Termination benefits
Termination benefits are employee benefits payable in exchange for the termination of an employee’s
contract as a result of either a decision by the Group to terminate a contract of employment before the
legal retirement age, or a decision by an employee to accept voluntary redundancy in exchange for these
benefits. Termination benefits due more than 12 months after the balance sheet date are discounted.

In accordance with IFRS, the BNP Paribas Group draws a distinction between defined-contribution
plans and defined-benefit plans.
Defined-contribution plans do not give rise to an obligation for the Group and do not require a
provision. The amount of the employer’s contributions payable during the period is recognised as an
expense.
Only defined-benefit schemes give rise to an obligation for the Group. This obligation must be measured
and recognised as a liability by means of a provision.
The classification of plans into these two categories is based on the economic substance of the plan,
which is reviewed to determine whether the Group has a legal or constructive obligation to pay the
agreed benefits to employees.
Post-employment benefit obligations under defined-benefit plans are measured using actuarial
techniques that take demographic and financial assumptions into account.
- 32 -
The net liability recognised with respect to post-employment benefit plans is the difference between the
present value of the defined-benefit obligation and the fair value of any plan assets.
The present value of the defined-benefit obligation is measured on the basis of the actuarial
assumptions applied by the Group, using the projected unit credit method. This method takes into
account various parameters, specific to each country or Group entity, such as demographic
assumptions, the probability that employees will leave before retirement age, salary inflation, a discount
rate, and the general inflation rate.
When the value of the plan assets exceeds the amount of the obligation, an asset is recognised if it
represents a future economic benefit for the Group in the form of a reduction in future contributions or
a future partial refund of amounts paid into the plan.
The annual expense recognised in the profit and loss account under “Salaries and employee benefits”,
with respect to defined-benefit plans includes the current service cost (the rights vested by each
employee during the period in return for service rendered), the net interests linked to the effect of
discounting the net defined-benefit liability (asset), the past service cost arising from plan amendments
or curtailments, and the effect of any plan settlements.
Remeasurements of the net defined-benefit liability (asset) are recognised in shareholders’ equity and
are never reclassified to profit or loss. They include actuarial gains and losses, the return on plan assets
and any change in the effect of the asset ceiling (excluding amounts included in net interest on the
defined-benefit liability or asset).
1.i SHARE-BASED PAYMENTS
Share-based payment transactions are payments based on shares issued by the Group, whether the
transaction is settled in the form of equity or cash of which the amount is based on trends in the value
of BNP Paribas shares.
IFRS 2 requires share-based payments granted after 7 November 2002 to be recognised as an expense.
The amount recognised is the value of the share-based payment granted to the employee.
The Group grants employees stock subscription option plans and deferred share-based or share pricelinked cash-settled compensation plans, and also offers them the possibility to purchase speciallyissued BNP Paribas shares at a discount, on condition that they retain the shares for a specified period.

Stock option and share award plans
The expense related to stock option and share award plans is recognised over the vesting period, if the
benefit is conditional upon the grantee’s continued employment.
Stock options and share award expenses are recorded under salary and employee benefits expenses,
with a corresponding adjustment to shareholders' equity. They are calculated on the basis of the overall
plan value, determined at the date of grant by the Board of Directors.
In the absence of any market for these instruments, financial valuation models are used that take into
account any performance conditions related to the BNP Paribas share price. The total expense of a plan
is determined by multiplying the unit value per option or share awarded by the estimated number of
options or shares awarded vested at the end of the vesting period, taking into account the conditions
regarding the grantee’s continued employment.
The only assumptions revised during the vesting period, and hence resulting in a remeasurement of the
expense, are those relating to the probability that employees will leave the Group and those relating to
performance conditions that are not linked to the price value of BNP Paribas shares.
- 33 -

Share price-linked cash-settled deferred compensation plans
The expense related to these plans is recognised in the year during which the employee rendered the
corresponding services.
If the payment of share-based variable compensation is explicitly subject to the employee's continued
presence at the vesting date, the services are presumed to have been rendered during the vesting period
and the corresponding compensation expense is recognised on a pro rata basis over that period. The
expense is recognised under salary and employee benefits expenses with a corresponding liability in the
balance sheet. It is revised to take into account any non-fulfilment of the continued presence or
performance conditions and the change in BNP Paribas share price.
If there is no continued presence condition, the expense is not deferred, but recognised immediately
with a corresponding liability in the balance sheet. This is then revised on each reporting date until
settlement to take into account any performance conditions and the change in the BNP Paribas share
price.

Share subscriptions or purchases offered to employees under the company savings plan
Share subscriptions or purchases offered to employees under the company savings plan (Plan
d’Épargne Entreprise) at lower-than-market rates over a specified period do not include a vesting period.
However, employees are prohibited by law from selling shares acquired under this plan for a period of
five years. This restriction is taken into account when measuring the benefit to the employees, which is
reduced accordingly. Therefore, the benefit equals the difference, at the date the plan is announced to
employees, between the fair value of the share (after allowing for the restriction on sale) and the
acquisition price paid by the employee, multiplied by the number of shares acquired.
The cost of the mandatory five-year holding period is equivalent to the cost of a strategy involving the
forward sale of shares subscribed at the time of the capital increase reserved for employees and the
cash purchase of an equivalent number of BNP Paribas shares on the market, financed by a loan repaid
at the end of a five-year period out of the proceeds from the forward sale transaction. The interest rate
on the loan is the rate that would be applied to a five-year general purpose loan taken out by an
individual with an average risk profile. The forward sale price for the shares is determined on the basis
of market parameters.
1.j
PROVISIONS RECORDED UNDER LIABILITIES
Provisions recorded under liabilities (other than those relating to financial instruments, employee
benefits and insurance contracts) mainly relate to restructuring, claims and litigation, fines and
penalties, and tax risks.
A provision is recognised when it is probable that an outflow of resources embodying economic benefits
will be required to settle an obligation arising from a past event, and a reliable estimate can be made of
the amount of the obligation. The amount of such obligations is discounted, where the impact of
discounting is material, in order to determine the amount of the provision.
- 34 -
1.k
CURRENT AND DEFERRED TAXES
The current income tax charge is determined on the basis of the tax laws and tax rates in force in each
country in which the Group operates during the period in which the income is generated.
Deferred taxes are recognised when temporary differences arise between the carrying amount of an
asset or liability in the balance sheet and its tax base.
Deferred tax liabilities are recognised for all taxable temporary differences other than:
-
taxable temporary differences on initial recognition of goodwill;
-
taxable temporary differences on investments in enterprises under the exclusive or joint control of
the Group, where the Group is able to control the timing of the reversal of the temporary difference
and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences and unused carryforwards of
tax losses only to the extent that it is probable that the entity in question will generate future taxable
profits against which these temporary differences and tax losses can be offset.
Deferred tax assets and liabilities are measured using the liability method, using the tax rate which is
expected to apply to the period when the asset is realised or the liability is settled, based on tax rates
and tax laws that have been or will have been enacted by the balance sheet date of that period. They are
not discounted.
Deferred tax assets and liabilities are offset when they arise within the same tax group, they fall under
the jurisdiction of a single tax authority, and there is a legal right to offset.
Current and deferred taxes are recognised as tax income or expenses in the profit and loss account,
except for those relating to a transaction or an event directly recognised in shareholders’ equity, which
are also recognised in shareholders’ equity.
When tax credits on revenues from receivables and securities are used to settle corporate income tax
payable for the period, the tax credits are recognised on the same line as the income to which they
relate. The corresponding tax expense continues to be carried in the profit and loss account under
“Corporate income tax”.
1.l
CASH FLOW STATEMENT
The cash and cash equivalents balance is composed of the net balance of cash accounts and accounts
with central banks, and the net balance of interbank demand loans and deposits.
Changes in cash and cash equivalents related to operating activities reflect cash flows generated by the
Group’s operations, including cash flows related to investment property, held-to-maturity financial
assets and negotiable certificates of deposit.
Changes in cash and cash equivalents related to investing activities reflect cash flows resulting from
acquisitions and disposals of subsidiaries, associates or joint ventures included in the consolidated
group, as well as acquisitions and disposals of property, plant and equipment excluding investment
property and property held under operating leases.
Changes in cash and cash equivalents related to financing activities reflect the cash inflows and
outflows resulting from transactions with shareholders, cash flows related to bonds and subordinated
debt, and debt securities (excluding negotiable certificates of deposit).
- 35 -
1.m USE OF ESTIMATES IN THE PREPARATION OF THE FINANCIAL STATEMENTS
Preparation of the financial statements requires managers of core businesses and corporate functions to
make assumptions and estimates that are reflected in the measurement of income and expense in the
profit and loss account and of assets and liabilities in the balance sheet, and in the disclosure of
information in the notes to the financial statements. This requires the managers in question to exercise
their judgement and to make use of information available at the date of the preparation of the financial
statements when making their estimates. The actual future results from operations where managers
have made use of estimates may in reality differ significantly from those estimates, mainly according to
market conditions. This may have a material effect on the financial statements.
This applies in particular to:
-
impairment losses recognised to cover credit risks inherent in banking intermediation activities;
-
the use of internally-developed models to measure positions in financial instruments that are not
quoted in active markets;
-
calculations of the fair value of unquoted financial instruments classified in “Available-for-sale
financial assets”, “Financial assets at fair value through profit or loss” or “Financial liabilities at fair
value through profit or loss”, and more generally calculations of the fair value of financial
instruments subject to a fair value disclosure requirement;
-
whether a market is active or inactive for the purposes of using a valuation technique;
-
impairment losses on variable-income financial assets classified as "Available-for-sale";
-
impairment tests performed on intangible assets;
-
the appropriateness of the designation of certain derivative instruments such as cash flow hedges,
and the measurement of hedge effectiveness;
-
estimates of the residual value of assets leased under finance leases or operating leases, and more
generally of assets on which depreciation is charged net of their estimated residual value;
-
the measurement of provisions for contingencies and charges.
This is also the case for assumptions applied to assess the sensitivity of each type of market risk and
the sensitivity of valuations to non-observable parameters.
- 36 -
2. RETROSPECTIVE IMP ACT OF THE IFRIC 21
INTERPRETATION
As of 1 January 2015, the Group has applied the IFRIC 21 “Levies” interpretation in the consolidated
financial statements. As this interpretation has a retrospective effect, the comparative financial
statements as at 1 January and 31 December 2014 have been restated.
The IFRIC 21 interpretation provides guidance on the timing for recognising levies that are accounted
for in accordance with IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”. These levies
are mainly classified as other operating expenses in the profit and loss account. Income taxes and
equivalent taxes that are within the scope of IAS 12 “Income Taxes” are excluded from the scope of this
interpretation. The obligating event that gives rise to the recognition of a levy which is within the scope
of IFRIC 21 is the activity that triggers the payment of the levy, as identified by the legislation. Thus,
some levies which were previously recognised progressively over the fiscal year (such as the systemic
risk contributions and the “Contribution Sociale de Solidarité” in France), have to be accounted for as
at 1 January in their entirety.
As regards the profit and loss account for the year ended 31 December 2014, the application of IFRIC
21 led to a EUR 2 million decrease in other operating expenses.
As regards the balance sheet as at 1 January 2014, applying IFRIC 21 triggers an increase of
EUR 49 million in the shareholders’ equity attributable to shareholders, reflecting the derecognition of
the French “Contribution Sociale de Solidarité”, which was previously recognised as an expense in
2013, while it was payable in 2014. This increase in shareholders’ equity is balanced by the
EUR 76 million decrease in accrued expenses and the EUR 27 million decrease in deferred tax assets.
- 37 -
3. NOTES TO THE PROFIT AND LOSS ACCOUNT FOR
THE YE AR ENDED 31 DECEMBER 2015
3.a
NET INTEREST INCOME
The BNP Paribas Group includes in “Interest income” and “Interest expense” all income and expense
from financial instruments measured at amortised cost (interest, fees/commissions, transaction costs),
and from financial instruments measured at fair value that do not meet the definition of a derivative
instrument. These amounts are calculated using the effective interest method. The change in fair value
on financial instruments at fair value through profit or loss (excluding accrued interest) is recognised
under “Net gain/loss on financial instruments at fair value through profit or loss”.
Interest income and expense on derivatives accounted for as fair value hedges are included with the
revenues generated by the hedged item. Similarly, interest income and expense arising from derivatives
used to hedge transactions designated as at fair value through profit or loss is allocated to the same
accounts as the interest income and expense relating to the underlying transactions.
Income
Customer items
Deposits, loans and borrowings
Repurchase agreements
Finance leases
Interbank items
Deposits, loans and borrowings
Expense
Net
Income
Expense
Net
25,204
(7,498)
17,706
24,320
(8,025)
16,295
23,998
38
(7,438)
(11)
16,560
27
23,065
25
(7,902)
(41)
15,163
(16)
1,168
(49)
1,119
1,230
(82)
1,148
1,368
(1,305)
63
1,548
(1,391)
157
1,310
(1,165)
145
1,479
(1,257)
222
58
(140)
(82)
69
(134)
(65)
(1,805)
(1,805)
(2,023)
(2,023)
Debt securities issued
Cash flow hedge instruments
4,249
(3,334)
915
2,948
(2,565)
383
Interest rate portfolio hedge instruments
3,105
(3,409)
(304)
2,709
(2,909)
(200)
2,231
(1,477)
(1,475)
203
Fixed-income securities
754
1,678
1,406
944
(348)
(778)
(161)
(140)
154
580
(351)
(351)
1,406
Loans / borrowings
187
638
Debt securities
Total interest income/(expense)
944
(273)
(750)
(119)
(170)
(452)
(452)
4,840
4,840
5,063
5,063
384
384
441
441
22,553
38,707
41,381
(18,828)
(18,388)
20,319
Interest income on individually impaired loans amounted to EUR 546 million in the year ended 31
December 2015 compared with EUR 574 million in the year ended 31 December 2014.
- 38 -
3.b
COMMISSION INCOME AND EXPENSE
Commission income and expense on financial instruments not measured at fair value through profit or
loss amounted to EUR 2,975 million and EUR 355 million respectively in 2015, compared with income
of EUR 3,114 million and expense of EUR 334 million in 2014.
Net commission income related to trust and similar activities through which the Group holds or invests
assets on behalf of clients, trusts, pension and personal risk funds or other institutions amounted to
EUR 2,539 million in 2015, compared with EUR 2,304 million in 2014.
3.c
NET GAIN ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
Net gain on financial instruments at fair value through profit or loss includes all profit and loss items
(including dividends) relating to financial instruments managed in the trading book and financial
instruments that the Group has designated as at fair value through profit or loss under the fair value
option, other than interest income and expense which are recognised in “Net interest income” (note 3.a).
Gains and losses on financial instruments designated as at fair value through profit or loss are mainly
related to instruments whose changes in value may be compensated by changes in the value of
economic hedging trading book instruments.
Trading book
2,622
3,641
Interest rate and credit instruments
Equity financial instruments
1,668
3,416
132
4,092
(1,707)
(782)
(60)
(509)
27
(14)
3,352
266
980
(277)
80
10
Foreign exchange financial instruments
Other derivatives
Financial instruments designated as at fair value through profit or loss
of which debt remeasurement effect arising from BNP Paribas Group issuer risk (note 5.d)
Impact of hedge accounting
Fair value hedging derivatives
Hedged items in fair value hedge
Total
609
2,148
(529)
(2,138)
6,054
4,631
Net gains on the trading book in 2015 and 2014 include a non-material amount related to the
ineffective portion of cash flow hedges.
- 39 -
3.d
NET GAIN ON AVAILABLE-FOR-SALE FINANCIAL ASSETS AND OTHER FINANCIAL
ASSETS NOT MEASURED AT FAIR VALUE
Loans and receivables, fixed-income securities (1)
Disposal gains and losses
510
512
510
512
Equities and other variable-income securities
Dividend income
Additions to impairment provisions
975
1,457
580
534
(333)
728
(210)
1,133
1,485
1,969
Net disposal gains
Total
(1)
Interest income from fixed-income financial instruments is included in “Net interest income” (note 3.a), and impairment losses related to potential issuer default are included
in “Cost of risk” (note 3.f).
After the impact of insurance policyholders’ surplus reserve, unrealised gains and losses previously
recorded under “Change in assets and liabilities recognised directly in shareholders’ equity” and
included in the pre-tax income, amount to a gain of EUR 635 million for the year ended 31 December
2015 compared with a net gain of EUR 1,046 million for the year ended 31 December 2014.
The application of the automatic impairment criteria and qualitative analysis led to a first impairment of
variable-income securities, for the following amounts:
3.e

EUR 40 million linked to a decline in price of more than 50% of the acquisition price
(EUR 11 million in 2014),

EUR 39 million linked to the observation of an unrealised loss over two consecutive years
(EUR 9 million in 2014),

EUR 9 million linked to the observation of an unrealised loss of at least an average of 30% over
one year (EUR 1 million in 2014),

EUR 28 million linked to an additional qualitative analysis (EUR 29 million in 2014).
NET INCOME FROM OTHER ACTIVITIES
Income
Net income from insurance activities
Net income from investment property
Expense
Net
Income
Expense
Net
29,184
74
(25,435)
(60)
3,749
14
27,529
78
(24,088)
(78)
3,441
-
Net income from assets held under operating leases
Net income from property development activities
6,249
1,031
(5,019)
(834)
1,230
197
5,661
929
(4,576)
(739)
1,085
190
Other net income
1,751
(1,710)
41
1,563
(1,418)
145
38,289
(33,058)
5,231
35,760
(30,899)
4,861
Total net income from other activities
- 40 -

Net income from insurance activities
Gross premiums written
23,633
23,588
Policy benefit expenses
(14,763)
(14,295)
(7,024)
(8,051)
2,143
2,513
(320)
(394)
80
80
3,749
3,441
Changes in technical reserves
Change in value of admissible investments related to unit-linked policies
Reinsurance ceded
Other income and expense
Total net income from insurance activities
"Policy benefit expenses" include expenses arising from surrenders, maturities and claims relating to
insurance contracts. "Changes in technical reserves" reflect changes in the value of financial contracts,
in particular unit-linked policies. Interest paid on such contracts is recognised in "Interest expense".
3.f
COST OF RISK
“Cost of risk” represents the net amount of impairment losses recognised in respect to credit risks
inherent in the Group’s banking intermediation activities, plus any impairment losses in the cases of
known counterparty risks on over-the-counter financial instruments.

Cost of risk for the period
Net allowances to impairment
Recoveries on loans and receivables previously written off
Irrecoverable loans and receivables not covered by impairment provisions
Total cost of risk for the period
(3,739)
(3,501)
589
482
(647)
(686)
(3,797)
(3,705)
Cost of risk for the period by asset type
(10)
(3,639)
48
(3,674)
Financial instruments of trading activities
(18)
(16)
(19)
32
Other assets
Commitments given and other items
(17)
(97)
(7)
(85)
Total cost of risk for the period
(3,797)
(3,705)
Cost of risk on a specific basis
Cost of risk on a collective basis
(3,961)
164
(4,135)
430
- 41 -

Credit risk impairment
Impairment variance during the period
Total impairment at beginning of year
27,945
27,014
Net allowance to impairment
3,739
3,501
Impairment provisions used
(4,342)
(3,146)
334
576
27,676
27,945
Effect of exchange rate movements and other items
Total impairment at end of year
Impairment by asset type
31 December 2015
Impairment of assets
Loans and receivables due from credit institutions (note 5.f)
31 December 2014
241
257
26,194
26,418
141
132
Available-for-sale financial assets (note 5.c)
75
85
Other assets
50
Loans and receivables due from customers (note 5.g)
Financial instruments of trading activities
-
39
-
Total impairment of financial assets
of which specific impairment
26,701
23,200
26,931
23,248
of which collective provisions
3,501
3,683
Provisions recognised as liabilities
Provisions for commitments given
- to credit institutions
- to customers
Other specific provisions
Total provisions recognised for credit commitments (note 5.q)
of which specific impairment for commitments given
of which collective provisions
Total impairment and provisions
- 42 -
16
19
422
537
434
561
975
1,014
317
120
312
142
27,676
27,945
3.g
COSTS RELATED TO THE COMPREHENSIVE SETTLEMENT WITH US AUTHORITIES
On 30 June 2014, the Group has come to a comprehensive settlement of the pending investigation
relating to US dollar transactions involving parties subject to US sanctions, including agreements with
the U.S. Department of Justice, the U.S. Attorney’s Office for the Southern District of New York, the
New York County District Attorney’s Office, the Board of Governors of the U.S. Federal Reserve System
(FED), the New York State Department of Financial Services (DFS), and the US Department of the
Treasury’s Office of Foreign Assets Control (OFAC).
The settlement includes guilty pleas entered into by BNP Paribas SA in relation to violations of certain
US laws and regulations regarding economic sanctions against certain countries and related
recordkeeping. BNP Paribas also agrees to pay a total of USD 8.97 billion (EUR 6.55 billion). Beyond
what had already been provisioned as at 31 December 2013 (EUR 0.8 billion), this resulted in an
exceptional charge of EUR 5.75 billion recorded in the second quarter of 2014. An uncertainty remains
regarding the fiscal rule that will apply eventually to the different Group entities involved in the
settlement. BNP Paribas has also accepted a temporary suspension of one year, starting
1 January 2015, of the USD direct clearing focused mainly on the Oil & Gas Energy & Commodity
Finance business line in certain locations.
BNP Paribas has worked with the US authorities to resolve these issues and the resolution of these
matters was coordinated by its home regulator (Autorité de Contrôle Prudentiel et de Résolution - ACPR)
with its lead regulators. BNP Paribas maintains its licenses as part of the settlements.
In advance of the settlement, the bank designed new robust compliance and control procedures. They
involve important changes to the Group’s procedures. Specifically:

a department called “Group Financial Security US”, part of the “Group Compliance” function, is
headquartered in New York and ensures that BNP Paribas complies globally with US regulation
related to international sanctions and embargoes;

all USD flows for the entire BNP Paribas Group will be ultimately processed and controlled via
the branch in New York.
In 2014, the Group recorded a EUR 250 million provision for additional implementation costs related to
the remediation plan agreed upon with US authorities, bringing the total costs related to the
comprehensive settlement to EUR 6 billion for the year ended 31 December 2014.
In 2015, the Group reassessed the costs related to the remediation plan and recognised an additional
allowance of EUR 100 million.
- 43 -
3.h
CORPORATE INCOME TAX
Reconciliation of the effective tax expense to the theoretical tax expense at
standard tax rate in France(2)
Corporate income tax expense on pre-tax income at standard tax rate in
France (3)
in millions
of euros
Year to 31 Dec. 2014(1)
in millions
of euros
tax rate
tax rate
(4,098)
38.0%
(1,176)
38.0%
Impact of differently taxed foreign profits
Impact of dividends and securities disposals taxed at reduced rate
Tax impact of previously unrecognised deferred taxes (tax losses and temporary
differences)
Tax impact of using tax losses for which no deferred tax asset was previously
recognised
Impact of the non-deduction of the costs related to the comprehensive settlement
with US authorities
450
334
-4.2%
-3.1%
483
268
-15.6%
-8.7%
7
-0.1%
87
-2.8%
30
-0.3%
28
-0.9%
-
-
(2,185)
70.7%
Other items
(58)
0.6%
(148)
4.7%
(3,335)
30.9%
(2,643)
85.4%
Corporate income tax expense
of which
Current tax expense for the year to 31 December
Deferred tax expense for the year to 31 December (note 5.k)
(1)
(2)
(3)
(2,428)
(907)
(2,634)
(9)
Including the 3.3% social security contribution tax and the exceptional 10.7% contribution calculated on French corporate tax at 33.33%, lifting it to 38%.
Restated for the share of profits in equity-method entities and goodwill impairment.
- 44 -
4. SEGMENT INFORM ATION
The Group is composed of two operating divisions:

Retail Banking and Services, which covers Domestic Markets and International Financial Services.
Domestic Markets include retail banking networks in France (FRB), Italy (BNL banca commerciale),
Belgium (BRB), and Luxembourg (LRB), as well as certain specialised retail banking divisions
(Personal Investors, Leasing Solutions and Arval). International Financial Services is composed of
all BNP Paribas Group retail banking businesses out of the Eurozone, split between Europe
Mediterranean and BancWest in the United States, as well as the Insurance activity and the Wealth
and Asset Management activities (Wealth Management, Investment Partners and Real Estate);

Corporate and Institutional Banking (CIB), which includes Corporate Banking (Europe, Middle
East, Africa, Asia, Americas, and Corporate Finance activities), Global Markets (Fixed Income,
Currency and Commodities, as well as Equity and Prime Services), and Securities Services to
management companies, financial institutions and other corporations.
Other activities mainly include Principal Investments, activities related to the Group’s central treasury
function, some costs related to cross-business projects, the residential mortgage lending business of
Personal Finance (a significant part of which is managed in run-off), and certain investments.
They also include non-recurring items resulting from applying the rules on business combinations. In
order to provide consistent and relevant economic information for each core business, the impact of
amortising fair value adjustments recognised in the net equity of entities acquired and restructuring
costs incurred in respect to the integration of entities, have been allocated to the “Other Activities”
segment. The same applies to transformation costs relating to the Group’s cross-business savings
programme (Simple and Efficient).
Inter-segment transactions are conducted at arm’s length. The segment information presented
comprises agreed inter-segment transfer prices.
The capital allocation is carried out on the basis of risk exposure, taking into account various
conventions relating primarily to the capital requirement of the business as derived from the riskweighted asset calculations required under capital adequacy rules. Normalised equity income by
segment is determined by attributing to each segment the income of its allocated equity. The equity
allocation to segments is based on 9% of weighted assets. The breakdown of balance sheet by core
business follows the same rules as the breakdown of the profit or loss by core business.
So as to be comparable with 2015, the segment information for 2014 has been restated of the following
main effects as if these had occurred from 1 January 2014:
1. In accordance with the new organisation announced by the Group on 5 February 2015, the
restated quarterly series include the effect of the internal transfers of activities that have been
made as of 1 January 2015, mainly:

the transfer of Securities Services to Corporate and Institutional Banking;

the transfer of Corporate Finance, previously part of Advisory and Capital Markets, to
Corporate Banking;

the creation, within Global Markets, of two new reporting segments, Fixed Income,
Currency and Commodities (FICC) and Equity and Prime Services, after adjustment of
the scope of activities.
These changes do not affect the Group income but only its analytical breakdown.
2. As indicated in notes 1.a and 2 the Group has applied the IFRIC 21 “Levies” interpretation in the
consolidated financial statements as of 1 January 2015.
- 45 -

Income by business segment
Revenues
Operating
expenses
Year to 31 Dec. 2014(1)
Exceptio
Cost of
nOperating
risk
al costs income
(3)
Nonoperating
items
Pre-tax
Operating
Revenues
income
expenses
Cost of Exception- Operating
risk
al costs(3) income
Nonoperating
items
Pre-tax
income
Retail Banking & Services
Domestic Markets
French Retail Banking (2)
BNL banca
commerciale (2)
6,322
(4,404)
(341)
1,577
3
1,580
6,480
(4,385)
(401)
1,694
2
1,696
3,051
(1,830)
(1,248)
(27)
(1)
(28)
3,158
(1,738)
(1,397)
23
Belgian Retail Banking (2)
3,388
(2,357)
(86)
945
(9)
936
3,227
(2,350)
(129)
748
(10)
738
23
Other Domestic Markets
activities (2)
2,616
(1,434)
(136)
1,046
21
1,067
2,279
(1,262)
(143)
874
(18)
856
4,744
(2,291)
(1,176)
1,277
74
1,351
4,103
(1,962)
(1,095)
1,046
99
1,145
Europe-Mediterranean (2)
2,482
(1,707)
(466)
309
174
483
2,097
(1,461)
(357)
279
106
385
BancWest (2)
2,785
(1,856)
(50)
879
31
910
2,202
(1,424)
(50)
728
4
732
Insurance
2,304
(1,160)
(5)
1,139
157
1,296
2,180
(1,081)
(6)
1,093
121
1,214
Wealth and Asset Management
3,020
(2,301)
(25)
694
46
740
2,813
(2,174)
(3)
636
75
711
Corporate Banking
3,736
(2,258)
(139)
1,339
162
1,501
3,533
(2,029)
(131)
1,373
14
1,387
Global Markets
6,124
(4,552)
(79)
1,493
1,493
5,187
(4,108)
50
1,129
6
1,135
Securities Services
1,799
(1,468)
5
336
(1)
335
1,577
(1,288)
5
294
8
302
567
(1,636)
(51)
(100)
(1,220)
(65)
(1,285)
332
(1,262)
(48)
(6,000)
(6,978)
(196)
(7,174)
42,938
(29,254)
(3,797)
(100)
9,787
592
10,379
39,168
(26,524)
(3,705)
(6,000)
2,939
211
3,150
International Financial
Services
Personal Finance
International Retail Banking
Corporate & Institutional
Banking
Other Activities
Total Group
(1) Restated according to the IFRIC 21 interpretation (see notes 1.a and 2.).
(2) French Retail Banking, BNL banca commerciale, Belgian Retail Banking, Luxembourg Retail Banking, Europe-Mediterranean and BancWest after the reallocation within Wealth and Asset Management
of one-third of the Wealth Management activities in France, Italy, Belgium, Luxembourg, Turkey and the United States.
(3) Costs related to the comprehensive settlement with US authorities.
- 46 -

Assets and liabilities by business segment
31 December 2015
Asset
31 December 2014(1)
Liability
Asset
Liability
Retail Banking
Domestic Markets
French Retail Banking
BNL banca commerciale
Belgian Retail Banking
Other Domestic Markets activities
409,243
158,579
73,850
126,383
50,431
409,515
165,318
55,169
144,818
44,210
394,508
155,839
73,993
118,918
45,758
410,197
164,674
66,135
138,799
40,589
International Financial Services
Personal Finance
Europe-Mediterranean
BancWest
Insurance
Wealth and Asset Management
420,915
57,784
133,956
51,674
82,282
211,172
18,003
390,116
14,090
122,659
45,735
76,924
205,092
48,275
390,855
51,137
120,286
50,860
69,426
201,498
17,934
363,612
13,961
109,783
44,915
64,868
196,801
43,067
1,084,212
1,027,433
1,218,867
1,149,343
79,823
167,129
73,528
154,606
1,994,193
1,994,193
2,077,758
2,077,758
Corporate and Institutional Banking
Other Activities
Total Group
(1)Restated
according to the IFRIC 21 interpretation (see notes 1.a and 2.).
Information by business segment relating to goodwill is presented in note 5.o Goodwill.

Information by geographic area
The geographic split of segment results, assets and liabilities is based on the region in which they are
recognised for accounting purposes, adjusted as per the managerial origin of the business activity. It
does not necessarily reflect the counterparty's nationality or the location of operational businesses.
Revenues by geographic area
-
Europe
Year to 31 Dec. 2014(1)
31,484
29,644
North America
5,067
4,041
Asia & Pacific
3,223
2,713
Others
3,164
2,770
42,938
39,168
Total Group
(1)Restated
Assets and liabilities, in contribution to the consolidated accounts, by geographic area
-
31 December 2015
Europe
31 December 2014(1)
1,565,574
1,622,887
North America
231,988
250,880
Asia & Pacific
143,390
151,481
53,241
52,510
1,994,193
2,077,758
Others
Total Group
(1)
Restated according to the IFRIC 21 interpretation (see notes 1.a and 2.).
- 47 -
5.
NOTES TO THE BALANCE SHEET AT 31 DECEMBER 2015
5.a
FINANCIAL ASSETS, FINANCIAL LIABILITIES AND DERIVATIVES AT FAIR VALUE
THROUGH PROFIT OR LOSS
FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets and financial liabilities at fair value through profit or loss consist of held-for-trading
transactions - including derivatives - and certain assets and liabilities designated by the Group as at
fair value through profit or loss at the time of acquisition or issuance.
31 December 2015
Trading book
31 December 2014
Instruments
designated as at fair
value through profit
or loss
Trading book
Instruments
designated as at fair
value through profit
or loss
Securities portfolio
133,500
83,043
156,546
78,563
131,783
33
165,776
264
FINANCIAL ASSETS AT FAIR VALUE THROUGH
PROFIT OR LOSS
265,283
83,076
322,322
78,827
82,544
156,771
Debt securities (note 5.i)
78,912
2,384
196,733
2,009
46,330
48,171
Subordinated debt (note 5.i)
1,382
1,550
Debt representative of shares of consolidated funds held by
third parties
3,022
5,902
FINANCIAL LIABILITIES AT FAIR VALUE THROUGH
PROFIT OR LOSS
239,315
53,118
275,645
57,632
Detail of these assets and liabilities is provided in note 5.d.
FINANCIAL INSTRUMENTS DESIGNATED AS AT FAIR VALUE THROUGH PROFIT OR LOSS

Financial assets designated as at fair value through profit or loss
Assets designated by the Group as at fair value through profit or loss mainly include admissible
investments related to unit-linked insurance policies, which amount to EUR 50,859 million as at 31
December 2015 (compared with EUR 47,462 million as at 31 December 2014) and to a lesser extent,
assets with embedded derivatives that have not been separated from the host contract.
Admissible investments related to unit-linked insurance policies include securities issued by the
Group’s consolidated entities, which are not eliminated upon consolidation in order to keep the figures
shown in respect of the assets invested under these contracts at the same level as the technical
reserves set aside in respect of the corresponding policyholder liabilities. The fixed-income securities
(certificates and Euro Medium Term Notes) not eliminated upon consolidation amounted to EUR 588
million at 31 December 2015 compared with EUR 700 million at 31 December 2014, and variableincome securities (shares mainly issued by BNP Paribas SA) amounted to EUR 89 million at 31
December 2015 compared with EUR 137 million at 31 December 2014. Eliminating these securities
would not have a material impact on the financial statements for the period.
- 48 -

Financial liabilities designated as at fair value through profit or loss
Financial liabilities at fair value through profit or loss mainly consist of debt securities in issue,
originated and structured on behalf of customers, where the risk exposure is managed in combination
with the hedging strategy. These types of debt securities in issue contain significant embedded
derivatives, whose changes in value may be compensated by changes in the value of economic hedging
derivatives.
The redemption value of debt issued and designated as at fair value through profit or loss at 31
December 2015 was EUR 51,325 million (EUR 51,592 million at 31 December 2014).
DERIVATIVE FINANCIAL INSTRUMENTS
The majority of derivative financial instruments held for trading are related to transactions initiated for
trading purposes. They may result from market-making or arbitrage activities. BNP Paribas actively
trades in derivatives. Transactions include trades in “ordinary” instruments such as credit default
swaps, and structured transactions with complex risk profiles tailored to meet the needs of its
customers. The net position is in all cases subject to limits.
Some derivative instruments are also contracted to hedge financial assets or financial liabilities for
which the Group has not documented a hedging relationship, or which do not qualify for hedge
accounting under IFRS. This applies in particular to credit derivative transactions which are primarily
contracted to protect the Group’s loan book.
31 December 2015
Positive market
value
Interest rate derivatives
Negative market
value
18,425
33,112
40,242
6,061
7,360
336,624
Negative market
value
295,651
57,211
44,532
14,213
14,738
31,077
Equity derivatives
Other derivatives
Positive market
value
220,780
239,249
44,200
Foreign exchange derivatives
Credit derivatives
31 December 2014
8,099
412,498
325,828
280,311
62,823
18,054
41,838
7,224
410,250
The table below shows the total notional amount of trading derivatives. The notional amounts of
derivative instruments are merely an indication of the volume of the Group’s activities in financial
instruments markets, and do not reflect the market risks associated with such instruments.
31 December 2015
Credit derivatives
Equity derivatives
Other derivatives
(1)
Organised
markets (1)
Over-thecounter
Total
8,434,019
21,691,606
3,184,346
968,859
3,243,459
1,123,988
651,221
30,267
1,459,546
143,518
13,268,712
27,662,117
13,257,587
59,113
155,129
808,325
113,251
14,393,405
31 December 2014
Organised
markets (1)
18,427,162
28,833
590,153
773,280
89,464
19,908,892
Over-thecounter
Total
13,000,642
31,427,804
3,443,439
1,210,331
3,472,272
1,800,484
643,631
79,431
1,416,911
168,895
18,377,474
38,286,366
Of which 90% of over-the-counter derivatives cleared through central clearing houses.
- 49 -
5.b
DERIVATIVES USED FOR HEDGING PURPOSES
The table below shows the fair value of derivatives used for hedging purposes.
31 December 2015
31 December 2014
Positive fair value Negative fair value Positive fair value Negative fair value
Fair value hedges
15,071
17,905
15,976
19,326
15,071
17,897
15,976
19,321
8
Cash flow hedges
2,888
3,162
3,704
3,664
2,766
109
3,034
124
3,607
71
3,555
102
13
4
26
7
104
1
86
3
104
1
86
3
18,063
21,068
19,766
22,993
Other derivatives
Net foreign investment hedges
5
The total notional amount of derivatives used for hedging purposes stood at EUR 993,828 million at
31 December 2015, compared with EUR 920,215 million at 31 December 2014.
5.c
AVAILABLE-FOR-SALE FINANCIAL ASSETS
31 December 2015
of which
impairment
Net
31 December 2014
of which
changes in value
taken directly to
equity
of which
impairment
Net
of which
changes in value
taken directly to
equity
Fixed-income securities
Treasury bills and government bonds
239,899
(75)
13,554
234,032
(85)
15,761
131,269
(4)
8,559
123,405
(4)
8,869
Other fixed-income securities
108,630
(71)
4,995
110,627
(81)
6,892
19,034
(3,090)
4,238
18,260
(2,953)
3,833
5,595
13,439
(836)
(2,254)
1,583
2,655
5,273
12,987
(945)
(2,008)
1,707
2,126
258,933
(3,165)
17,792
252,292
(3,038)
19,594
Equities and other variable-income
securities
listed securities
unlisted securities
Total available-for-sale financial assets
The gross amount of impaired fixed-income securities is EUR 131 million at 31 December 2015
(EUR 201 million at 31 December 2014).
The Visa Europe shares, included in the unlisted variable-income securities, have been remeasured
through shareholders’ equity, for EUR 430 million, to take into account the terms of the agreement of
acquisition by Visa Inc. The remeasured value was calculated by applying a 25% discount to the
estimated sale price, composed of a cash amount and preferred shares.
- 50 -
This discount is representative of the following valuation uncertainties:
 the definitive closing of the transaction, subject to approvals by European authorities,
 the definitive breakdown of the sale price between sellers,
 the liquidity of preferred shares,
 the assessment of litigation related to Visa Europe’s activity.
This agreement includes a clause of earn-out payable after the fourth anniversary of the closing, This
earn-out has not been taken into account in the valuation of Visa Europe shares as at 31 December
2015.
Changes in value taken directly to equity are detailed as follows:
31 December 2015
Fixedincome
securities
Equities and
other variableincome
securities
31 December 2014
Total
Fixedincome
securities
Equities and
other variableincome
securities
Total
Non-hedged changes in value of securities, recognised in "Available-for-sale
financial assets"
Deferred tax linked to these changes in value
13,554
4,238
17,792
15,761
3,833
19,594
(4,548)
(856)
(5,404)
(5,281)
(842)
(6,123)
Insurance policyholders' surplus reserve from insurance entities, after deferred tax
(6,960)
(1,119)
(8,079)
(8,257)
(1,072)
(9,329)
Group share of changes in value of available-for-sale securities owned by equitymethod entities, after deferred tax and insurance policyholders' surplus reserve
889
92
981
884
84
968
Unamortised changes in value of available-for-sale securities reclassified as loans and
receivables
(39)
(39)
(74)
Other variations
(57)
(7)
(64)
(52)
14
(38)
Changes in value of assets taken directly to equity under the heading "Financial
assets available for sale and reclassified as loans and receivables"
2,841
2,348
5,189
2,981
2,017
4,998
Attributable to equity shareholders
2,735
2,331
5,066
2,859
2,006
4,865
106
17
123
122
11
133
Attributable to minority interests
- 51 -
(74)
5.d
MEASUREMENT OF THE FAIR VALUE OF FINANCIAL INSTRUMENTS
VALUATION PROCESS
BNP Paribas has retained the fundamental principle that it should have a unique and integrated
processing chain for producing and controlling the valuations of financial instruments that are used for
the purpose of daily risk management and financial reporting. All these processes are based on a
common economic valuation which is a core component of business decisions and risk management
strategies.
Economic value is composed of mid-market value and additional valuation adjustments.
Mid-market value is derived from external data or valuation techniques that maximise the use of
observable and market-based data. Mid-market value is a theoretical additive value which does not take
account of i) the direction of the transaction or its impact on the existing risks in the portfolio, ii) the
nature of the counterparties, and iii) the aversion of a market participant to particular risks inherent in
the instrument, the market in which it is traded, or the risk management strategy.
Additional valuation adjustments take into account valuation uncertainty and include market and
credit risk premiums to reflect costs that could be incurred in case of an exit transaction in the
principal market. When valuation techniques are used for the purpose of deriving fair value, funding
assumptions related to the future expected cash flows are an integral part of the mid-market valuation,
notably through the use of appropriate discount rates. These assumptions reflect what the Bank
anticipates as being the effective funding conditions of the instrument that a market participant would
consider. This notably takes into account the existence and terms of any collateral agreement. In
particular, for non- or imperfectly collateralized derivative instruments, they include an explicit
adjustment to the interbank interest rate (Funding Valuation Adjustment – FVA).
Fair value generally equals the economic value, subject to limited additional adjustments, such as own
credit adjustments, which are specifically required by IFRS standards.
The main additional valuation adjustments are presented in the section below.
ADDITIONAL VALUATION ADJUSTMENTS
Additional valuation adjustments retained by BNP Paribas for determining fair values are as follows:
Bid/offer adjustments: the bid/offer range reflects the additional exit cost for a price taker and
symmetrically the compensation sought by dealers to bear the risk of holding the position or closing it
out by accepting another dealer’s price.
BNP Paribas assumes that the best estimate of an exit price is the bid or offer price, unless there is
evidence that another point in the bid/offer range would provide a more representative exit price.
Input uncertainty adjustments: when the observation of prices or data inputs required by valuation
techniques is difficult or irregular, an uncertainty exists on the exit price. There are several ways to
gauge the degree of uncertainty on the exit price such as measuring the dispersion of the available price
indications or estimating the possible ranges of the inputs to a valuation technique.
Model uncertainty adjustments: these relate to situations where valuation uncertainty is due to the
valuation technique used, even though observable inputs might be available. This situation arises when
the risks inherent in the instruments are different from those available in the observable data, and
therefore the valuation technique involves assumptions that cannot be easily corroborated.
Credit valuation adjustment (CVA): the CVA adjustment applies to valuations and market quotations
whereby the credit worthiness of the counterparty is not reflected. It aims to account for the possibility
that the counterparty may default and that BNP Paribas may not receive the full fair value of the
transactions.
In determining the cost of exiting or transferring counterparty risk exposures, the relevant market is
deemed to be an inter-dealer market. However, the determination of CVA remains judgemental due to i)
the possible absence or lack of price discovery in the inter-dealer market, ii) the influence of the
- 52 -
regulatory landscape relating to counterparty risk on the market participants’ pricing behaviour and iii)
the absence of a dominant business model for managing counterparty risk.
The CVA model is grounded on the same exposures as those used for regulatory purposes. The model
attempts to estimate the cost of an optimal risk management strategy based on i) implicit incentives
and constraints inherent in the regulations in force and their evolutions, ii) market perception of the
probability of default and iii) default parameters used for regulatory purposes.
Own-credit valuation adjustment for debts (OCA) and for derivatives (debit valuation adjustment
- DVA): OCA and DVA are adjustments reflecting the effect of credit worthiness of BNP Paribas, on
respectively the value of debt securities designated as at fair value through profit or loss and
derivatives. Both adjustments are based on the expected future liability profiles of such instruments.
The own credit worthiness is inferred from the market-based observation of the relevant bond issuance
levels. The DVA adjustment is determined after taking into account the Funding Valuation Adjustment
(FVA).
Thus, the carrying value of debt securities designated as at fair value though profit or loss is increased
by EUR 416 million as at 31 December 2015, compared with an increase in value of EUR 682 million as
at 31 December 2014, i.e. a EUR 266 million variation recognised in net gain on financial instruments
at fair value through profit or loss (note 3.c).
INSTRUMENT CLASSES AND CLASSIFICATION WITHIN THE FAIR VALUE HIERARCHY FOR
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE
As explained in the summary of significant accounting policies (note 1.c.10), financial instruments
measured at fair value are categorised into a fair value hierarchy consisting of three levels.
The disaggregation of assets and liabilities into risk classes is meant to provide further insight into the
nature of the instruments:

Securitised exposures are further broken down by collateral type.

For derivatives, fair values are broken down by dominant risk factor, namely interest rate, foreign
exchange, credit and equity. Derivatives used for hedging purposes are mainly interest rate
derivatives.
- 53 -
31 December 2015
Instruments designated as at fair value through profit
or loss
Trading book
Level 1
Level 2
Level 3
102,232
29,517
48,509
4,632
-
12,059
Asset Backed Securities (2)
CDOs / CLOs (2)
Other Asset Backed Securities
Total
1,751
Level 1
Level 2
Level 3
12,123
Total
3,743
Level 1
Level 2
Level 3
133,500
67,177
53,141
1,849
1,329
13,388
-
832
1,305
2,137
-
16
11,227
24
11,251
-
-
83,043
204,988
44,625
1,849
125,702
5,567
-
-
3,312
-
Total
9,320
258,933
131,269
7
3,319
3,296
7
3,303
16
12,531
10,889
238
23,658
1,405
4,949
77
6,431
71,220
32,400
1,691
105,311
41,192
1,937
184
43,313
63,923
7,174
3,666
74,763
8,066
3,346
7,622
19,034
-
130,928
855
131,783
-
33
-
33
130,495
855
131,350
102,232
160,445
2,606
265,283
67,177
12,156
3,743
83,076
204,988
44,625
9,320
258,933
75,894
6,231
419
82,544
-
-
-
-
55,724
1,383
5,387
4,797
14,783
-
Loans
433
PROFIT OR LOSS AND AVAILABLE-FOR-SALE
FINANCIAL ASSETS
Borrowings
433
33
-
57,107
-
417
10,601
-
51
2
14,836
-
154,499
2,272
156,771
3,893
33
-
3,893
150,606
2,272
152,878
2,296
88
2,384
2,296
88
2,384
-
-
-
-
-
-
35,137
11,193
46,330
-
-
-
-
-
1,382
-
1,382
Debt representative of shares of consolidated funds
held by third parties
-
-
-
-
2,415
607
-
3,022
PROFIT OR LOSS
75,894
160,730
2,691
239,315
2,415
39,422
11,281
53,118
31 December 2014
Instruments designated as at fair value through profit
or loss
Trading book
Level 1
Level 2
Level 3
119,509
33,221
57,043
5,369
Asset Backed Securities (1)
CDOs / CLOs (2)
Total
3,816
Level 1
Level 2
Level 3
156,546
63,888
11,872
62,412
1,499
29
Total
2,803
Level 1
Level 2
78,563
190,828
52,231
1,528
117,689
5,716
Level 3
Total
9,233
252,292
123,405
11,684
2,165
13,849
-
3,691
232
199
2,140
2,339
-
141
224
3,923
365
11,485
25
11,510
-
3,550
8
3,558
13,847
14,125
1,230
29,202
1,814
4,638
32
6,484
65,303
39,513
1,888
106,704
48,619
2,043
421
51,083
60,575
7,205
2,771
70,551
7,836
3,311
7,113
18,260
-
160,228
5,548
165,776
-
264
-
264
159,544
5,548
165,092
119,509
193,449
9,364
322,322
63,888
12,136
2,803
78,827
190,828
52,231
9,233
252,292
74,857
3,823
232
78,912
-
-
-
-
57,064
655
6,216
2,847
11,577
321
-
182,733
Loans
684
PROFIT OR LOSS AND AVAILABLE-FOR-SALE
FINANCIAL ASSETS
Borrowings
684
232
264
264
-
57,719
-
9,295
-
11,898
14,000
196,733
4,131
5
4,136
178,602
13,995
192,597
-
1,921
88
2,009
1,921
88
2,009
-
-
-
-
-
-
36,537
11,634
48,171
-
-
-
-
-
1,540
10
1,550
Debt representative of shares of consolidated funds
held by third parties
-
-
-
-
5,261
641
-
5,902
PROFIT OR LOSS
74,857
186,556
14,232
275,645
5,261
40,639
11,732
57,632
(1)
(2)
These amounts do not represent the total amount of securitisation assets held by BNP Paribas, particularly those classified at inception as “Loans and Receivables”, and those reclassified as presented in note 5.e.
Collateralised Debt Obligations / Collateralised Loan Obligations
- 54 -
31 December 2015
Positive market value
Level 1
Level 2
626
Negative market value
Level 3
Total
Level 1
Level 2
Level 3
Total
232,907
5,716
239,249
704
217,611
2,465
220,780
44,178
22
44,200
1
44,456
75
44,532
Credit derivatives
13,677
1,061
14,738
13,022
1,191
14,213
40,242
Equity derivatives
5,646
23,845
1,586
31,077
5,824
29,547
4,871
Other derivatives
913
6,367
80
7,360
853
4,894
314
6,061
7,185
320,974
8,465
336,624
7,382
309,530
8,916
325,828
-
18,063
-
18,063
-
21,068
-
21,068
Derivative financial instruments not used for hedging purposes
Derivative financial instruments used for hedging purposes
31 December 2014
Positive market value
Level 1
Level 2
Negative market value
Level 3
Total
Level 1
Level 2
Level 3
Total
280
288,004
7,367
295,651
349
275,690
4,272
280,311
4
56,931
276
57,211
5
62,792
26
62,823
17,183
1,242
18,425
16,579
1,475
18,054
Credit derivatives
Equity derivatives
5,415
25,997
1,700
33,112
5,671
31,116
5,051
41,838
Other derivatives
1,375
6,718
6
8,099
1,071
5,730
423
7,224
Derivative financial instruments not used for hedging purposes
7,074
394,833
10,591
412,498
7,096
391,907
11,247
410,250
-
19,766
-
19,766
-
22,993
-
22,993
Derivative financial instruments used for hedging purposes
Transfers between levels may occur when an instrument fulfils the criteria defined, which are generally
market and product dependent. The main factors influencing transfers are changes in the observation
capabilities, passage of time, and events during the transaction lifetime. The timing of recognising
transfers is determined at the end of the reporting period.
During 2015, transfers between Level 1 and Level 2 were not significant.
DESCRIPTION OF MAIN INSTRUMENTS IN EACH LEVEL
The following section provides a description of the instruments in each level in the hierarchy. It
describes notably instruments classified in Level 3 and the associated valuation methodologies.
For main trading book instruments and derivatives classified in Level 3, further quantitative
information is provided about the inputs used to derive fair value.
Level 1
This level encompasses all derivatives and securities that are listed on exchanges or quoted
continuously in other active markets.
Level 1 includes notably equity securities and liquid bonds, shortselling of these instruments, derivative
instruments traded on organised markets (futures, options, …). It includes shares of funds and UCITS,
for which the net asset value is calculated on a daily basis, as well as debt representative of shares of
consolidated funds held by third parties.
- 55 -
Level 2
The Level 2 stock of securities is composed of securities which are less liquid than the Level 1 bonds.
They are predominantly government bonds, corporate debt securities, mortgage backed securities, fund
shares and short-term securities such as certificates of deposit. They are classified in Level 2 notably
when external prices for the same security can be regularly observed from a reasonable number of
market makers that are active in this security, but these prices do not represent directly tradable
prices. This comprises amongst other, consensus pricing services with a reasonable number of
contributors that are active market makers as well as indicative runs from active brokers and/or
dealers. Other sources such as primary issuance market, collateral valuation and counterparty
collateral valuation matching may also be used where relevant.
Repurchase agreements are classified predominantly in Level 2. The classification is primarily based
on the observability and liquidity of the repo market, depending on the underlying collateral.
Debts issued designated as at fair value through profit and loss, are classified in the same level as the
one that would apply to the embedded derivative taken individually. The issuance spread is considered
observable.
Derivatives classified in Level 2 comprise mainly the following instruments:
-
Vanilla instruments such as interest rate swaps, caps, floors and swaptions, credit default
swaps, equity/foreign exchange (FX)/commodities forwards and options;
-
Structured derivatives such as exotic FX options, mono- and multi-underlying equity/funds
derivatives, single curve exotic interest rate derivatives and derivatives based on structured
rates.
Derivatives are classified in Level 2 when there is a documented stream of evidence supporting one of
the following:
-
Fair value is predominantly derived from prices or quotations of other Level 1 and Level 2
instruments, through standard market interpolation or stripping techniques whose results are
regularly corroborated by real transactions;
-
Fair value is derived from other standard techniques such as replication or discounted cash
flows that are calibrated to observable prices, that bear limited model risk and enable an
effective offset of the risks of the instrument through trading Level 1 or Level 2 instruments;
-
Fair value is derived from more complex or proprietary valuation techniques but is directly
evidenced through regular back-testing using external market-based data.
Determining of whether an over-the-counter (OTC) derivative is eligible for Level 2 classification involves
judgement. Consideration is given to the origin, transparency and reliability of external data used, and
the amount of uncertainty associated with the use of models. It follows that the Level 2 classification
criteria involve multiple analysis axis within an “observability zone” whose limits are determined by i) a
predetermined list of product categories and ii) the underlying and maturity bands. These criteria are
regularly reviewed and updated, together with the applicable additional valuation adjustments, so that
the classification by level remains consistent with the valuation adjustment policy.
- 56 -
Level 3
Level 3 securities of the trading book mainly comprise CLOs and CDOs of ABSs linked to legacy
activity. Other Level 3 securities designated as at fair value through profit or loss or classified as
available for sale comprise units of funds and unquoted equity shares.
CLOs represent the large majority of the Level 3 trading book stock. Fair value is determined using a
methodology that takes into consideration both the available external indicative prices as well as
discounted expected cash flows. Constant prepayment rates are amongst the main unobservable inputs
required to model the underlying pool of cash flow payments. Other unobservable inputs are related to
the cash/synthetic funding basis and the discounting margin.
CDOs of ABSs collateral pools comprise Commercial Real Estate Loans, Commercial Mortgage Backed
Securities – CMBSs and Residential Mortgage Backed Securities – RMBSs. The fair value of CDOs is
based on a “liquidation approach” and a “discounted expected cash flow” approach, depending on the
distressed nature of the collateral.
For RMBSs, prices are obtained to a large extent from external sources, while for Commercial Real
Estate Loans prices are independently valued by an external provider.
The Discounted Expected Cash flow approach for CDOs takes in consideration both an internal and an
external independent set of hypotheses to derive expectations about the underlying cash flow payments.
Such cash flow expectations are then passed through the CDO waterfall modelled in external platforms,
allowing deriving cash flow expectations of the considered CDO tranche. Similarly to the above, fair
value requires assumptions about the cash/synthetic funding basis and a discount margin.
Fund units relate to real estate funds for which the valuation of the underlying investments is not
frequent, as well as hedge funds for which the observation of the net asset value is not frequent.
Unlisted private equities are systematically classified as Level 3, with the exception of UCITS with a
daily net asset value, presented as unlisted securities in note 5.c , but which are classified in the Level
1 of the fair value hierarchy.
Repurchase agreements: mainly long-term or structured repurchase agreements on corporate
bonds and ABSs: The valuation of these transactions requires proprietary methodologies given the
bespoke nature of the transactions and the lack of activity and price discovery in the long-term repo
market. The curves used in the valuation are corroborated using available data such as the implied
basis of the relevant benchmark bond pool, recent long-term repo trade data and price enquiry data.
Additional valuation adjustments applicable to these exposures are commensurate with the degree of
uncertainty inherent in the modelling choices and amount of data available.
Debts issued designated as at fair value through profit or loss, are classified in the same level as the
one that would apply to the embedded derivative taken individually. The issuance spread is considered
observable.
Derivatives
Vanilla derivatives are classified in Level 3 when the exposure is beyond the observation zone for rate
curves or volatility surfaces, or relates to less liquid markets such as tranches on old credit index series
or emerging markets interest rates markets. The main instruments are:
- 57 -
-
Interest rate derivatives: exposures mainly comprise swap products in less liquid currencies.
Classification is driven by the lower liquidity of some maturities, while observation capabilities
through consensus may be available. The valuation technique is standard, and uses external
market information and extrapolation techniques.
-
Credit derivatives (CDS): exposures mainly comprise CDSs beyond the maximum observable
maturity and, to a much lesser extent, CDSs on illiquid or distressed names and CDSs on loan
indices. Classification is driven by the lack of liquidity while observation capabilities may be
available notably through consensus. Level 3 exposures also comprise CDS and Total Return
Swaps (TRS) positions on securitised assets. These are priced along the same modelling
techniques as the underlying bonds, taking into consideration the funding basis and specific
risk premium.
-
Equity derivatives: exposures essentially comprise long dated forward or volatility products or
exposures where there is a limited market for optional products. The marking of the forward
curves and volatility surfaces beyond the maximum observable maturity relies on extrapolation
techniques. However, when there is no market for model input, volatility or forward is generally
determined on the basis of proxy or historical analysis.
These vanilla derivatives are subject to additional valuation adjustments linked to uncertainty on
liquidity, specialised by nature of underlying and liquidity bands.
Complex derivatives classified in Level 3 predominantly comprise hybrid products (FX/Interest Rates
hybrids, Equity hybrids), credit correlation products, prepayment-sensitive products, some stock basket
optional products and some interest rate optional instruments. The main exposures, related valuation
techniques and associated source of uncertainty are as follows:
-
Complex interest rate options are classified in Level 3 when they involve currencies where
there is not sufficient observation or when they include a quanto feature where the pay-off is
measured with a forex forward fixed rate (except for the main currencies). Long term complex
derivatives are also classified in Level 3.
-
Hybrid FX/Interest rate products essentially comprise a specific product family known as
Power Reverse Dual Currency (PRDC). The valuation of PRDCs requires complex modelling of
joint behaviour of FX and interest rate, and is notably sensitive to the unobservable FX/ interest
rate correlations. PRDCs valuations are corroborated with recent trade data and consensus
data.
-
Securitisation swaps mainly comprise fixed rate swaps, cross currency or basis swaps whose
notional is indexed to the prepayment behaviour of some underlying portfolio. The estimation of
the maturity profile of securitisation swaps is corroborated by statistical estimates using
external historical data.
-
Forward volatility options are generally products whose pay-off is indexed to the future
variability of a rate index such as volatility swaps. These products involve material model risk as
it is difficult to infer forward volatility information from the market-traded instruments. The
valuation adjustment framework is calibrated to the uncertainty inherent in the product, and to
the range of uncertainty from the existing external consensus data.
-
Inflation derivatives classified in Level 3 mainly comprise swap products on inflation indices
that are not associated with a liquid indexed bond market, optional products on inflation indices
(such as caps and floors) and other forms of inflation indices involving optionality on the
inflation indices or on the inflation annual rate. Valuation techniques used for inflation
derivatives are predominantly standard market models. Proxy techniques are used for a few
limited exposures. Although the valuations are corroborated through monthly consensus data,
these products are classified as Level 3 due to their lack of liquidity and some uncertainties
inherent in the calibration.
- 58 -
-
The valuation of bespoke CDOs requires correlation of default events. This information is
inferred from the active index tranche market through a proprietary projection technique and
involves proprietary extrapolation and interpolation techniques. Multi-geography CDOs further
require an additional correlation assumption. Finally, the bespoke CDO model also involves
proprietary assumptions and parameters related to the dynamic of the recovery factor. CDO
modelling, is calibrated on the observable index tranche markets, and is regularly back-tested
against consensus data on standardised pools. The uncertainty arises from the model risk
associated with the projection and geography mixing technique, and the uncertainty of
associated parameters, together with the recovery modelling.
-
N to Default baskets are other forms of credit correlation products, modelled through standard
copula techniques. The main inputs required are the pair-wise correlations between the basket
components which can be observed in the consensus and the transactions. Linear baskets are
considered observable.
-
Equity and equity-hybrid correlation products are instruments whose pay-off is dependent
on the joint behaviour of a basket of equities/indices leading to a sensitivity of the fair value
measurement to the correlation amongst the basket components. Hybrid versions of these
instruments involve baskets that mix equity and non-equity underlyings such as commodity
indices. Only a subset of the Equity/index correlation matrix is regularly observable and traded,
while most cross-asset correlations are not active. Therefore, classification in Level 3 depends on
the composition of the basket, the maturity, and the hybrid nature of the product. The
correlation input is derived from a proprietary model combining historical estimators, and other
adjustment factors, that are corroborated by reference to recent trades or external data. The
correlation matrix is essentially available from consensus services, and when a correlation
between two underlying instruments is not available, it might be obtained from extrapolation or
proxy techniques.
These complex derivatives are subject to specific additional valuation adjustments to cover
uncertainties linked to liquidity, parameters and model risk.
Valuation adjustments (CVA, DVA and FVA)
The additional valuation adjustment for counterparty credit risk (CVA), own-credit risk for derivatives
(DVA) and the explicit funding valuation adjustment (FVA) are deemed to be unobservable components
of the valuation framework and therefore classified in Level 3. This does not impact, in general cases,
the classification of individual transactions into the fair value hierarchy. However, a specific process
allows to identify individual deals for which the marginal contribution of these adjustments and related
uncertainty is significant. Are particularly concerned some insufficiently collateralized vanilla interest
rate instruments with very long residual maturity.
For these products classified in Level 3, the following table provides the range of values of main
unobservable inputs. The ranges displayed correspond to a variety of different underlying instruments
and are meaningful only in the context of the valuation technique implemented by BNP Paribas. The
weighted averages, where relevant and available, are based on fair values, nominal amounts or
sensitivities.
- 59 -
Risk classes
Balance Sheet
valuation
(in millions of euros)
Asset
Main product types composing the Level Valuation technique used for the product Main unobservable inputs for the product
3 stock within the risk class
types considered
types considered
Discount margin
Combination of liquidation approach and
CDOs of ABSs (RMBSs, Commercial Real discounted future cash flow approach
Estate Loans, CMBSs)
1,305
Constant payment rate (CLOs)
Cash / synthetic funding basis (€)
Repurchase
agreements
Interest rate
derivatives
855
5,716
2,272
Long-term repo and reverse-repo
agreements
Proxy techniques, based amongst other on
the funding basis of a benchmark bond pool, Long-term repo spread on private bonds
that is actively traded and representative of (High Yield, High Grade) and on ABSs
the repo underlying
Hybrid Forex / Interest rates derivatives
Hybrid Forex interest rate option pricing
model
Floors and caps on inflation rate or on the
cumulative inflation (such as redemption
floors), predominantly on European and
French inflation
Inflation pricing model
1,061
Correlation between FX rate and interest
rates. Main currency pairs are EUR/JPY,
USD/JPY, AUD/JPY
0 to 10%
10% (b)
5 bp to 6 bp
not meaningful
0 bp to 113 bp
73 bp (c)
13% to 56%
41% (c)
Volatility of the year on year inflation rate
0.3% to 1.7%
Forward Volatility products such as volatility
Interest rates option pricing model
swaps, mainly in euro
Forward volatility of interest rates
0.3% to 0.7%
(d)
Balance-guaranteed fixed rate, basis or
cross currency swaps, predominantly on
European collateral pools
Constant prepayment rates
0.0 % to 40%
10% (c)
Base correlation curve for bespoke portfolios
20% to 99%
(d)
Inter-regions default cross correlation
70 % to 90%
80%(a)
0 to 25%
(d)
50% to 91%
58% (c)
Credit default spreads beyond observation
limit (10 years)
110 bp to 245 bp (2)
181 bp (a)
Illiquid credit default spread curves (across
main tenors)
5 bp to 1,338 bp (3)
180 bp (a)
0% to 94% (4)
28% (e)
25% to 98%
65% (a)
(d)
2,465
Prepayment modeling
Discounted cash flows
Base correlation projection technique and
recovery modelling
Recovery rate variance for single name
underlyings
1,191
Credit default model
Default correlation
Single name Credit Default Swaps (other
than CDS on ABSs and loans indices)
Stripping, extrapolation and interpolation
Simple and complex derivatives on multiunderlying baskets on stocks
Various volatility option models
Unobservable equity volatility
1,586
306 bp (a)
0.8% to 11.1%
N-to-default baskets
Equity Derivatives
28 bp to 1,303 bp (1)
Volatility of cumulative inflation
Collateralised Debt Obligations and index
tranches for inactive index series
Credit Derivatives
Weighted
average
Liability
Collateralised Loan Obligations (CLO)
Cash instruments
Range of unobservable input
across Level 3 population
considered
4,871
Unobservable equity correlation
The lower part of the range is relative to short dated securities, while the upper relates to US CDOs of ABSs, which are not significant to the
balance sheet since their prices are close to zero. Removing these outliers, the discount margin would range from 28bp to 745bp.
(1)
The upper part of the range relates to non material balance sheet and net risk position on a European corporate. The other part relates mainly to
sovereign issuers.
(2)
The upper bound of the range relates to an energy sector issuer that represents an insignificant portion of the balance sheet on CDSs with illiquid
underlying. Removing this issuer which has the highest spread, the upper bound of the range would be 830bp.
(3)
The upper part of the range relates to 3 equity instruments representing a non-material portion of the balance sheet on options with equity
underlying instruments. Removing this outlier, the upper bound of the range would be around 80 %.
(4)
(a)
Weighting is not based on risks, but on an alternative methodology in relation with the Level 3 instruments (PV or notional)
(b)
The upper bound of the range relates to CLOs which represent the large majority of the exposures
(c)
Weights based on relevant risk axis at portfolio level
(d)
No weighting since no explicit sensitivity is attributed to these inputs
(e)
Simple averaging
- 60 -
TABLE OF MOVEMENTS IN LEVEL 3 FINANCIAL INSTRUMENTS
For Level 3 financial instruments, the following movements occurred between 1 January 2014 and 31
December 2015:
Financial Assets
Financial
instruments at
fair value through
profit or loss held
for trading
Financial
instruments
designated as
at fair value
through profit
or loss
Available-forsale financial
assets
14,237
2,859
7,680
24,776
8,725
2,743
3,532
15,000
At 31 December 2013
Purchases
Financial Liabilities
Issues
TOTAL
-
Financial
instruments at
fair value through
profit or loss held
for trading
Financial
instruments
designated as
at fair value
through profit
or loss
(16,896)
(10,123)
(27,019)
(12,622)
(4,506)
(17,128)
TOTAL
-
Sales
(1,459)
(2,562)
(1,266)
(5,287)
Settlements (1)
(7,727)
(233)
(1,262)
(9,222)
3,838
2,507
6,345
90
3,294
(2,188)
(4,178)
(6,366)
(3,106)
(122)
(409)
(3,637)
332
4,197
4,529
132
48
(87)
93
880
239
1,119
5,302
70
(8)
5,364
2,127
313
2,440
151
798
(950)
(181)
(1,131)
812
812
Transfers to level 3
Transfers from level 3
Gains (or losses) recognised in profit or loss with
respect to transactions expired or terminated
during the period
respect to unexpired instruments at the end of the
period
Changes in fair value of assets and liabilities
recognised directly in equity
- Items related to exchange rate movements
3,204
647
- Changes in fair value of assets and liabilities
recognised in equity
At 31 December 2014
Purchases
19,955
2,803
9,233
31,991
4,818
4,161
2,019
10,998
Issues
Sales
Settlements (1)
Transfers to level 3
Transfers from level 3
respect to transactions expired or terminated
during the period
respect to unexpired instruments at the end of the
period
Changes in fair value of assets and liabilities
recognised directly in equity
- Items related to exchange rate movements
(2,291)
(11,355)
(3,470)
(89)
(25,479)
(11,732)
(37,211)
(2,128)
(9,021)
(11,149)
15,159
8,519
23,678
-
(7,053)
(12,443)
-
1,012
130
245
1,387
(463)
(1,607)
(2,070)
(1,750)
(63)
(440)
(2,253)
1,440
2,464
3,904
(1,778)
122
(162)
(1,818)
1,339
250
1,589
1,834
149
(58)
1,925
(716)
83
(633)
131
757
(759)
(237)
(996)
643
643
9,320
24,134
626
- Changes in fair value of assets and liabilities
recognised in equity
At 31 December 2015
(1,292)
(999)
-
11,071
3,743
(11,607)
(11,281)
(22,888)
For the assets, includes redemptions of principal, interest payments as well as cash inflows and outflows relating to derivatives. For the liabilities, includes principal redemptions, interest payments
as well as cash inflows and outflows relating to derivatives the fair value of which is negative.
(1)
Transfers out of Level 3 of derivatives at fair value include mainly the update of the observability tenor
of certain yield curves, but also the effect of derivatives becoming only or mainly sensitive to observable
inputs due to the shortening of their lifetime. The review of criteria for repurchase agreements allowed
reclassifying as level 2 some agreements for which the valuation uncertainty is deemed to be
immaterial.
Transfers into Level 3 of instruments at fair value reflect the effect of the regular update of the
observability zones.
Transfers have been reflected as if they had taken place at the end of the reporting period.
- 61 -
The Level 3 financial instruments may be hedged by other Level 1 and Level 2 instruments, the gains
and losses of which are not shown in this table. Consequently, the gains and losses shown in this table
are not representative of the gains and losses arising from management of the net risk on all these
instruments.
SENSITIVITY OF FAIR VALUE TO REASONABLY POSSIBLE CHANGES IN LEVEL 3 ASSUMPTIONS
The following table summarises those financial assets and financial liabilities classified as Level 3 for
which alternative assumptions in one or more of the unobservable inputs would change fair value
significantly.
The amounts disclosed are intended to illustrate the range of possible uncertainty inherent to the
judgement applied when estimating Level 3 parameters, or when selecting valuation techniques. These
amounts reflect valuation uncertainties that prevail at the measurement date, and even though such
uncertainties predominantly derive from the portfolio sensitivities that prevailed at that measurement
date, they are not predictive or indicative of future movements in fair value, nor do they represent the
effect of market stress on the portfolio value.
In estimating sensitivities, BNP Paribas either remeasured the financial instruments using reasonably
possible inputs, or applied assumptions based on the additional valuation adjustment policy.
For the sake of simplicity, the sensitivity on cash instruments that are not relating to securitised
instruments was based on a uniform 1% shift in the price. More specific shifts were however calibrated
for each class of the Level 3 securitised exposures, based on the possible ranges of the unobservable
inputs.
For derivative exposures, the sensitivity measurement is based on the additional credit valuation
adjustment (CVA), the explicit funding valuation adjustment (FVA) and the parameter and model
uncertainty additional adjustments related to Level 3.
Regarding the additional credit valuation (CVA) and the explicit funding valuation adjustment (FVA), the
uncertainty was calibrated based on prudent valuation adjustments described in the technical standard
“Prudent Valuation” published by the European Banking Authority. For other additional adjustments,
two scenarios were considered: a favourable scenario where all or portion of the additional valuation
adjustment is not considered by market participants, and an unfavourable scenario where market
participants would require as much as twice the additional valuation adjustments considered by BNP
Paribas for entering into a transaction.
31 December 2015
Potential impact on
income
31 December 2014
Potential impact on
equity
Potential impact on
income
Potential impact on
equity
Asset Backed Securities (ABS)
CDOs / CLOs
+/-27
+/-43
+/-2
+/-26
+/-1
+/-43
+/-2
+/-3
+/-17
+/-10
+/-19
+/-39
+/-76
+/-32
+/-71
+/-14
+/-84
+/-856
+/-1,076
Credit derivatives
+/-623
+/-45
+/-831
+/-73
Equity derivatives
Other derivatives
+/-179
+/-9
+/-135
+/-37
Sensitivity of Level 3 financial instruments
+/-939
- 62 -
+/-93
+/-1,245
+/-92
DEFERRED MARGIN ON FINANCIAL INSTRUMENTS MEASURED USING TECHNIQUES
DEVELOPED INTERNALLY AND BASED ON INPUTS PARTLY UNOBSERVABLE IN ACTIVE
MARKETS
Deferred margin on financial instruments (“Day One Profit”) only concerns the scope of market activities
eligible for Level 3.
The day one profit is calculated after setting aside additional valuation adjustments for uncertainties as
described previously and released to profit or loss over the expected period for which the inputs will be
unobservable. The unamortised amount is included under “Financial instruments at fair value through
profit or loss” as a reduction in the fair value of the relevant complex transactions.
Deferred margin on
Margin taken to the profit
transactions during the and loss account during
year
the year
Deferred margin at
31 December 2014
Deferred margin at
31 December 2015
248
150
(82)
316
Credit derivatives
Equity derivatives
169
316
65
200
(115)
(203)
119
313
Other derivatives
18
6
(16)
8
751
421
(416)
756
5.e
RECLASSIFICATION OF FINANCIAL INSTRUMENTS INITIALLY RECOGNISED AT FAIR
VALUE THROUGH PROFIT OR LOSS HELD FOR TRADING PURPOSES OR AS
AVAILABLE-FOR-SALE ASSETS
The amendments to IAS 39 and IFRS 7 adopted by the European Union on 15 October 2008 permit the
reclassification of instruments initially held for trading or available-for-sale within the customer loan
portfolios or as available-for-sale securities.
Reclassification
date
Structured transactions and other fixed-income
securities from the available-for-sale portfolio
31 December 2015
31 December 2014
Market or model
value
Carrying value
Carrying value
Market or model
value
562
696
700
869
30 June 2011
333
388
419
495
of which Irish sovereign securities
of which structured transactions and other fixedincome securities
30 June 2011
229
308
223
314
-
-
58
60
Structured transactions and other fixed-income
securities from the trading portfolio
1 October 2008 /
30 June 2009
1,395
1,388
1,979
1,970
of which Portuguese sovereign securities
30 June 2009
Without these reclassifications, the Group's net income would not have been significantly different for
the year ended 31 December 2015, nor for the year ended 31 December 2014. Similarly, changes in
value of assets and liabilities recognised directly in equity would not have been significantly different in
2015, nor in 2014.
- 63 -
5.f
INTERBANK AND MONEY-MARKET ITEMS

31 December 2015
On demand accounts
Loans
(1)
Total loans and receivables due from credit institutions, before impairment
of which doubtful loans
Impairment of loans and receivables due from credit institutions (note 3.f)
specific impairment
collective provisions
Total loans and receivables due from credit institutions, net of impairment
31 December 2014
9,346
7,924
31,780
33,010
2,542
2,671
43,668
43,605
355
439
(241)
(257)
(203)
(38)
(230)
(27)
43,427
43,348
Loans and receivables due from credit institutions include term deposits made with central banks, which amounted to EUR 1,665 million as at 31 December 2015
(EUR 1,973 million as at 31 December 2014).
(1)

Due to credit institutions
31 December 2015
On demand accounts
Borrowings
Total due to credit institutions
5.g
31 December 2014
8,527
70,109
11,618
72,956
5,510
5,778
84,146
90,352
CUSTOMER ITEMS

31 December 2015
On demand accounts
Loans to customers
Finance leases
Total loans and receivables due from customers, before impairment
Impairment of loans and receivables due from customers (note 3.f)
specific impairment
Total loans and receivables due from customers, net of impairment
- 64 -
31 December 2014
46,790
58,444
628,796
596,293
5,448
1,832
27,657
27,252
708,691
683,821
41,251
42,896
(26,194)
(22,730)
(26,418)
(22,762)
(3,464)
(3,656)
682,497
657,403

Breakdown of finance leases
31 December 2015
Gross investment
31 December 2014
31,400
31,061
8,741
8,764
17,134
16,130
5,525
6,167
Unearned interest income
(3,743)
(3,809)
Net investment before impairment
27,657
27,252
7,728
7,765
14,994
14,041
4,935
5,446
Impairment provisions
(1,058)
(1,038)
Net investment after impairment
26,599
26,214
Receivable within 1 year
Receivable after 1 year but within 5 years
Receivable beyond 5 years
Receivable within 1 year
Receivable after 1 year but within 5 years
Receivable beyond 5 years

Due to customers
31 December 2015
31 December 2014
On demand deposits
399,364
350,502
Savings accounts
Term accounts and short-term notes
135,254
160,498
127,065
159,312
5,193
4,670
Total due to customers
700,309
641,549
5.h
PAST-DUE AND DOUBTFUL LOANS
The following tables present the carrying amounts of financial assets that are past due but not impaired
and impaired assets and related collateral or other guarantees. The amounts shown are stated before
any provision on a portfolio basis.
The amounts shown for collateral and other guarantees correspond to the lower of the value of the
collateral or other guarantee and the value of the secured assets.
- 65 -

Past-due but not impaired loans
31 December 2015
< 90 days
> 90 days
< 180 days
> 180 days
< 1 year
> 1 year
Collateral
received
Total
168
13,960
395
211
136
168
14,702
315
7,793
Total past-due but not impaired loans
14,128
395
211
136
14,870
8,108
31 December 2014
< 90 days
> 90 days
< 180 days
> 180 days
< 1 year
> 1 year
Collateral
received
Total
140
15,587
418
289
255
140
16,549
90
6,048
Total past-due but not impaired loans
15,727
418
289
255
16,689
6,138

Doubtful loans
31 December 2015
Doubtful loans
Gross value
Impairment
Collateral received
Net
Available-for-sale financial assets (excl. variable-income securities) (note 5.c)
131
355
41,251
(75)
(203)
(22,730)
56
152
18,521
303
11,802
Doubtful assets
41,737
(23,008)
18,729
12,105
Financing commitments given
Guarantee commitments given
619
1,002
(32)
(285)
587
717
515
-
Off-balance sheet doubtful commitments
1,621
(317)
1,304
515
43,358
(23,325)
20,033
12,620
Total
31 December 2014
Doubtful loans
Gross value
Impairment
Collateral received
Net
Available-for-sale financial assets (excl. variable-income securities) (note 5.c)
201
439
42,896
(85)
(230)
(22,762)
116
209
20,134
109
13,190
Doubtful assets
43,536
(23,077)
20,459
13,299
461
1,076
(32)
(280)
429
796
321
Off-balance sheet doubtful commitments
1,537
(312)
1,225
321
45,073
(23,389)
21,684
13,620
Total
- 66 -
5.i
DEBT SECURITIES AND SUBORDINATED DEBT
This note covers all debt securities in issue and subordinated debt measured at amortised cost and
designated as at fair value through profit or loss.
DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (note 5.a)
Issuer / Issue date
Currency
Original
amount in
foreign
currency
(millions)
Date of call or
interest step-up
Interest
rate
Interest
step-up
Conditions
precedent for
coupon
payment (1)
Amount (2)
eligible to
Tier 1
Amount (2)
eligible to 31 December 2015 31 December 2014
Tier 2
Debt securities
Subordinated debt
198
- Redeemable subordinated debt
(3)
-
- Perpetual subordinated debt
BNP Paribas Fortis Dec. 2007
198
EUR
3,000
Dec.-14
3-month
Euribor +200
bp
A
Others
46,330
48,171
269
1,382
1,550
249
473
733
20
909
817
889
780
20
37
198
20
(1)
Conditions precedent for coupon payment:
(2)
Given the eligibility criteria and prudential adjustments, including the own credit risk and amortisation of instruments.
(3)
After agreement from the banking supervisory authority and at the issuer’s initiative, these debt issues may contain a call provision authorising the Group to redeem the securities prior to maturity by
repurchasing them in the stock market, via public tender offers, or in the case of private placements over the counter. Debt issued by BNP Paribas SA or foreign subsidiaries of the Group via
placements in the international markets may be subject to early redemption of the capital and early payment of interest due at maturity at the issuer’s discretion on or after a date stipulated in the
issue particulars (call option), or in the event that changes in the applicable tax rules oblige the BNP Paribas Group issuer to compensate debt-holders for the consequences of such changes.
Redemption may be subject to a notice period of between 15 and 60 days, and is in all cases subject to approval by the banking supervisory authorities.
A Coupon payments are halted should the issuer have insufficient capital or the underwriters become insolvent or when the dividend declared for Ageas shares falls below a certain threshold.
The perpetual subordinated debt recognised at fair value through profit or loss mainly consists of
Convertible And Subordinated Hybrid Equity-linked Securities (CASHES) issued by BNP Paribas Fortis
(previously Fortis Banque) in December 2007.
The CASHES are perpetual securities but may be exchanged for Ageas (previously Fortis SA/NV) shares
at the holder’s sole discretion at a price of EUR 239.40. However, as of 19 December 2014, the CASHES
will be automatically exchanged into Ageas shares if their price is equal to or higher than EUR 359.10
for twenty consecutive trading days. The principal amount will never be redeemed in cash. The rights of
the CASHES holders are limited to the Ageas shares held by BNP Paribas Fortis and pledged to them.
Ageas and BNP Paribas Fortis have entered into a Relative Performance Note (RPN) contract, the value
of which varies contractually so as to offset the impact on BNP Paribas Fortis of the relative difference
between changes in the value of the CASHES and changes in the value of the Ageas shares.
On 7 May 2015, BNP Paribas and Ageas reached a new agreement which allows BNP Paribas to
purchase outstanding CASHES under the condition that these are converted into Ageas shares, leading
to a proportional settlement of the RPN. The agreement between Ageas and BNP Paribas will expire by
year-end 2016.
BNP Paribas obtained the prior agreement from the European Central Bank to proceed to purchase of
CASHES within a limit of EUR 200 million nominal amount.
As at 31 December 2015, due to this prior agreement, the subordinated liability is eligible to Tier 1
capital for EUR 198 million (during the transitional period).
- 67 -
Maturity schedule of medium and long-term debt securities and redeemable subordinated debt
designated as at fair value through profit or loss with a maturity at issuance of more than one year:
Maturity or call option date,
in millions of euros
Medium- and long-term debt securities
2016
Redeemable subordinated debt
Total
2018
2019
2021 2025
2020
After 2025
Total at
31 Dec. 2015
11,894
6,255
5,141
4,367
5,944
8,487
4,242
46,330
19
271
45
-
67
30
41
473
11,913
6,526
5,186
4,367
6,011
8,517
4,283
46,803
After 2024
Total at
31 Dec. 2014
Total
2017
2015
2016
2017
2018
2020 2024
2019
9,773
7,759
5,667
4,699
5,631
8,665
5,977
48,171
254
16
279
43
-
98
43
733
10,027
7,775
5,946
4,742
5,631
8,763
6,020
48,904
- 68 -
DEBT SECURITIES MEASURED AT AMORTISED COST
Issuer / Issue date
Currency
Original
amount in
foreign
currency
(millions)
Date of call or
interest step-up
Interest
rate
Interest
step-up
Conditions
precedent for
coupon
payment (1)
Amount (2)
eligible to
Tier 1
Amount (2)
eligible to 31 December 2015 31 December 2014
Tier 2
Debt securities
159,447
187,074
80,488
95,673
80,488
95,673
78,959
91,401
70,918
80,079
8,041
11,322
- Debt securities in issue with an initial maturity of less than one year
Negotiable debt securities
- Debt securities in issue with an initial maturity of more than one year
Negotiable debt securities
Bonds
Subordinated debt
-
10,689
16,544
13,936
- Redeemable subordinated debt
(3)
-
9,870
14,700
12,095
- Undated subordinated notes
(3)
-
597
1,613
1,607
BNP Paribas SA Oct. 85
EUR
305
-
TMO 0.25%
-
B
254
254
254
BNP Paribas SA Sept. 86
USD
500
-
6 month
Libor
+ 0.075%
-
C
252
252
226
BNP Paribas Cardif Nov. 14
EUR
1,000
Nov. - 25
4.032%
3 months
Euribor
+ 393 bp
D
1,000
1,000
Others
- Participating notes
BNP Paribas SA July 84 (4)
EUR
337
-
(5)
-
NA
Others
- Expenses and commission, related debt
(1)
-
91
107
127
222
222
222
215
215
215
7
7
7
-
9
12
Conditions precedent for coupon payment
B Payment of the interest is mandatory, unless the Board of Directors decides to postpone these payments after the Shareholders’ General Meeting has officially noted that there is no income
available for distribution, where this occurs within the 12-month period preceding the due date for payment of the interest. Interest payments are cumulative and are payable in full once dividend
payments resume.
C Payment of the interest is mandatory, unless the Board of Directors decides to postpone these payments after the Shareholders’ General Meeting in ordinary session has validated the decision not
to pay out a dividend, where this occurs within the 12-month period preceding the due date for payment of the interest. Interest payments are cumulative and are payable in full once dividend
payments resume. The bank has the option of resuming payment of interest arrears, even where no dividend is paid out.
D Payment of the interest is mandatory, except for cases of regulatory deficiency, in agreement with the regulator, or of suspension of payments. Interest payments are cumulative and are payable in
full, once coupon payments resume, or, if these events occur before, when the issuance is redeemed or when the issuer is liquidated.
(2)
Given the eligibility criteria and prudential adjustments, including amortisation of instruments.
(3)
See reference relating to "Debt securities at fair value through profit or loss".
(4) The
(5)
participating notes issued by BNP Paribas SA may be repurchased as provided for in the law of 3 January 1983. The number of notes in the market is 1,434,092.
Depending on net income subject to a minimum of 85% of the TMO rate and a maximum of 130% of the TMO rate.
On 27 October 2014, BNP Paribas Fortis redeemed the perpetual subordinated notes issued in October
2004 for EUR 1 billion.
On 25 November 2014, BNP Paribas Cardif issued EUR 1 billion of undated subordinated notes.
On 20 January 2015, BancWest Corporation redeemed the USD 100 million redeemable subordinated
notes issued in July 1997. Their euro-equivalent value as at 31 December 2014 was EUR 83 million
and they were eligible to Tier 1.
- 69 -
Maturity schedule of medium and long-term debt securities and redeemable subordinated debt carried
at amortised cost with a maturity at issuance of more than one year:
Total
Total
5.j
2016
2017
2018
2019
2021 2025
2020
After 2025
Total at 31
Dec. 2015
13,835
15,636
6,957
7,760
9,371
23,806
1,594
78,959
2,705
3,385
484
177
147
4,743
3,059
14,700
16,540
19,021
7,441
7,937
9,518
28,549
4,653
93,659
2015
2016
2017
2018
2020 2024
2019
After 2024
Total at 31
Dec. 2014
19,717
13,166
13,580
5,685
8,348
27,480
3,425
91,401
1,240
1,420
3,938
633
195
2,207
2,462
12,095
20,957
14,586
17,518
6,318
8,543
29,687
5,887
103,496
HELD-TO-MATURITY FINANCIAL ASSETS
31 December 2015
Total held-to-maturity financial assets
31 December 2014
7,587
8,836
170
129
7,757
8,965
No held-to-maturity financial asset has been impaired as at 31 December 2015, nor as at 31 December
2014.
- 70 -
5.k
CURRENT AND DEFERRED TAXES
31 December 2015
31 December 2014(1)
Current taxes
1,487
1,470
Deferred taxes
6,378
7,865
7,158
8,628
826
2,167
2,993
794
2,126
2,920
Current and deferred tax assets
Current taxes
Deferred taxes
Current and deferred tax liabilities
(1)
Change in deferred tax over the period:
Net deferred taxes at start of period
Year to 31 Dec. 2014(1)
5,032
5,728
(907)
(9)
Changes in deferred taxes linked to changes in value and reversal through profit or loss of
changes in value of available-for-sale financial assets, including those reclassified as loans and
receivables
89
(842)
Changes in deferred taxes linked to changes in value and reversal through profit or loss of
changes in value of cash flow hedge derivatives
14
(424)
(199)
143
182
436
4,211
5,032
Net losses arising from deferred taxes (note 3.h)
Changes in deferred taxes linked to items recognised directly in equity that will not be reclassified
to profit and loss
Effect of exchange rate, scope and other movements
Net deferred taxes at end of period
(1)
Breakdown of deferred tax assets and liabilities by nature:
31 December 2015
31 December 2014(1)
(1,219)
(629)
(1,292)
(571)
Provisions for employee benefit obligations
Provisions for credit risk
1,048
3,092
1,191
3,155
Other items
Tax loss carryforwards
(166)
2,085
81
2,468
Net deferred taxes
4,211
5,032
6,378
(2,167)
7,158
(2,126)
Available-for-sale financial assets, including those reclassified as loans and receivables
Unrealised finance lease reserve
Deferred tax assets
Deferred tax liabilities
(1)Restated
Unrecognised deferred tax assets totalled EUR 2,177 million at 31 December 2015 compared with
EUR 1,836 million at 31 December 2014.
- 71 -
In order to determine the size of the tax loss carryforwards recognised as assets, the Group conducts
every year a specific review for each relevant entity based on the applicable tax regime, notably
incorporating any time limit rules, and a realistic projection of their future revenue and charges in line
with their business plan.
Main entities with deferred tax assets recognised on tax loss carryforwards:
31 December 2015
BNP Paribas Fortis
BNP Paribas Securities Japan Ltd
1,590
84
Others
Expected recovery
period
unlimited
9 years
5 years
9 years
411
Total deferred tax assets relating to tax loss carryforwards
5.l
Statutory time limit on
carryforwards
2,085
ACCRUED INCOME/EXPENSE AND OTHER ASSETS/LIABILITIES
31 December 2015
31 December 2014(1)
Guarantee deposits and bank guarantees paid
65,590
65,765
Settlement accounts related to securities transactions
Collection accounts
11,798
446
12,703
427
Reinsurers' share of technical reserves
Accrued income and prepaid expenses
2,909
5,062
2,782
5,520
Other debtors and miscellaneous assets
22,213
22,891
Total accrued income and other assets
108,018
110,088
50,284
41,936
7,337
1,085
13,908
1,004
Accrued expense and deferred income
Other creditors and miscellaneous liabilities
7,697
22,226
8,030
22,844
Total accrued expense and other liabilities
88,629
87,722
Guarantee deposits received
Settlement accounts related to securities transactions
Collection accounts
(1)
The movement in “Reinsurers’ share of technical reserves” breaks down as follows:
Reinsurers' share of technical reserves at start of period
Increase in technical reserves borne by reinsurers
Amounts received in respect of claims and benefits passed on to reinsurers
Effect of changes in exchange rates and scope of consolidation
Reinsurers' share of technical reserves at end of period
- 72 -
2,782
2,712
484
(358)
415
(347)
1
2
2,909
2,782
5.m EQUITY-METHOD INVESTMENTS
Cumulated financial information of associates and joint ventures is presented in the following table:
Year to 31 Dec.2015
Share of net
income
Share of net
income and
changes in
assets and
liabilities
recognised
directly in
equity
Share of
changes in
assets and
liabilities
recognised
directly in
equity
31 December
2015
Year to 31 Dec.2014(1)
Equity-method
investments
Share of
changes in
assets and
liabilities
recognised
directly in
equity
Share of net
income
31 December
2014(1)
Share of net
income and
changes in
assets and
liabilities
recognised
directly in
equity
Equity-method
investments
Joint ventures
29
(38)
(9)
1,059
(26)
119
93
1,049
Associates (2)
560
158
718
5,837
433
367
800
6,322
Total equity-method entities
589
120
709
6,896
407
486
893
7,371
(1)Restated
(2)Including
controlled but non material entities consolidated under the equity method.
Financing and guarantee commitments given by the Group to joint ventures are listed in the note 8.f
Other related parties.
The carrying amount of the Group’s investment in the main joint ventures and associates is presented
in the following table:
31 December 2015
Country of
registration
Activity
Interest (%)
31 December 2014
Equity-method
investments
Interest (%)
Equity-method
investments
Joint ventures
Bpost banque
Belgium
Union de Creditos Inmobiliarios Spain
Retail banking
Retail mortgage
50%
50%
366
273
50%
50%
405
283
Associates
AG Insurance
Klépierre
Belgium
France
Insurance
Shopping centre real estate
25%
-
1,695
-
25%
22%
1,628
880
Bank of Nanjing
China
Retail banking
19%
1,308
16%
730
- 73 -
5.n
PROPERTY, PLANT, EQUIPMENT AND INTANGIBLE ASSETS USED IN OPERATIONS,
INVESTMENT PROPERTY
31 December 2015
Gross value
Accumulated
depreciation,
amortisation
and impairment
31 December 2014
Carrying
amount
Gross value
Accumulated
depreciation,
amortisation
and impairment
Carrying
amount
Investment property
1,895
(256)
1,639
1,871
(257)
1,614
Land and buildings
7,676
(2,009)
5,667
7,364
(1,824)
5,540
Equipment, furniture and fixtures
Plant and equipment leased as lessor under
operating leases
Other property, plant and equipment
7,061
(5,004)
2,057
6,989
(4,801)
2,188
17,486
(4,959)
12,527
13,100
(4,037)
9,063
2,406
(1,064)
1,342
2,340
(1,099)
1,241
Property, plant and equipment
34,629
(13,036)
21,593
29,793
(11,761)
18,032
Purchased software
3,270
(2,487)
783
3,036
(2,346)
690
Internally-developed software
Other intangible assets
4,051
1,832
(3,158)
(404)
893
1,428
3,713
1,668
(2,756)
(364)
957
1,304
Intangible assets
9,153
(6,049)
3,104
8,417
(5,466)
2,951

Investment property
Land and buildings leased by the Group as lessor under operating leases, and land and buildings held
as investments in connection with the life insurance business, are recorded in “Investment property”.
The estimated fair value of investment property accounted for at amortised cost at 31 December 2015 is
EUR 1,846 million, compared with EUR 1,808 million at 31 December 2014.

Operating leases
Operating leases and investment property transactions are in certain cases subject to agreements
providing for the following minimum future payments:
Future minimum lease payments receivable under non-cancellable leases
31 December 2015
31 December 2014
Payments receivable within 1 year
5,650
2,539
4,468
1,989
Payments receivable after 1 year but within 5 years
Payments receivable beyond 5 years
3,053
58
2,409
70
Future minimum lease payments receivable under non-cancellable leases are payments that the lessee
is required to make during the lease term.

Intangible assets
Other intangible assets include leasehold rights, goodwill and trademarks acquired by the Group.
- 74 -

Depreciation, amortisation and impairment
Net depreciation and amortisation expense for the year ended 31 December 2015
EUR 1,661°million, compared with EUR 1,551 million for the year ended 31 December 2014.
was
The net decrease in impairment on property, plant, equipment and intangible assets taken to the profit
and loss account in the year ended 31 December 2015 amounted to EUR 7 million, compared with a
EUR 15 million increase for the year ended 31 December 2014.
5.o
GOODWILL
Carrying amount at start of period
10,577
9,846
296
(9)
(993)
440
5
503
(13)
(351)
594
(2)
Carrying amount at end of period
10,316
10,577
Gross value
Accumulated impairment recognised at the end of period
13,031
(2,715)
12,284
(1,707)
Acquisitions
Divestments
Impairment recognised during the period
Exchange rate adjustments
Other movements
Goodwill by cash-generating unit is as follows:
Impairment recognised during the
period
Year to
Year to
31 December 2015 31 December 2014
31 Dec. 2015
31 Dec. 2014
Carrying amount
Acquisitions of the period
Year to
31 Dec. 2015
Year to
31 Dec. 2014
9,141
9,477
(993)
(351)
268
484
Domestic Markets
1,275
1,931
(917)
(297)
248
166
581
(917)
(297)
139
549
6
317
917
138
553
6
7,866
7,546
298
4,581
131
177
1,291
438
377
223
319
31
292
4,125
102
169
1,376
438
375
251
389
29
1,172
1,097
278
433
461
274
408
415
Arval
Italian Retail Banking
Leasing Solutions
Personal Investors
Others
Insurance
BancWest
Bank BGŻ BNP Paribas
Investment Partners
Personal Finance
Personal Finance - partnership tested individually
Real Estate
Turk Ekonomi Bankasi A.S
Wealth Management
Others
Corporate & Institutional Banking
Corporate Banking
Global Markets
Securities Services
Other Activities
Total goodwill
Change in value of goodwill recognised in the
profit and loss account
3
3
10,316
10,577
- 75 -
245
(76)
(54)
3
166
20
318
5
33
29
107
(14)
178
28
19
(51)
(76)
(3)
-
-
19
28
(993)
(351)
(993)
(351)
296
503
The homogeneous groups of businesses to which goodwill is allocated are:
Arval: Specialist in multi-brand full-service corporate vehicle leasing, Arval offers its customers tailored
solutions that optimise their employees’ mobility and outsource the risks associated with fleet
management.
Italian Retail Banking: BNL banca commerciale is Italy’s 6th largest bank in terms of total assets and
loans to customers. It provides a comprehensive range of banking, financial and insurance products
and services to meet the needs of its diversified client base. BNL bc has a strong position in lending,
especially residential mortgages. BNL bc also has a long-stand tradition in supporting large companies
and local authorities, with a reputation in cross-border payments, project financing and structured
finance, as well as factoring through its specialised subsidiary Ifitalia.
Leasing Solutions : BNP Paribas Leasing Solutions uses a multi-channel approach (direct sales, sales
via referrals, partnerships and banking networks) to offer corporate and small business clients an array
of leasing and rental solutions, ranging from equipment financing to fleet outsourcing.
Personal Investors: BNP Paribas Personal Investors provides independent financial advice and a wide
range of corporate and investment services to individual clients, mainly through digital channels. The
business is mainly based in Germany (Consorsbank ! and DAB Bank), in France (Cortal Consors), in
Austria (Hello bank !) and in Spain (Personal Investors).
Insurance: BNP Paribas Cardif, a world leader in personal insurance, has designed, developed and
marketed savings and protection products and services.
BNP Paribas Cardif has developed new forms of insurance and extended its offer of protection to health
insurance, budget insurance, revenue and means of payment insurance, warranty extensions, non-life
insurance, unemployment insurance, return-to-work assistance, protection of private digital data, etc.
BNP Paribas Cardif sells its products through the BNP Paribas Retail Banking channel, as well as the
Partnerships channel and the Digital & Brokers channel.
BancWest: In the United States, the Retail Banking business is conducted through Bank of the West
and First Hawaiian Bank, subsidiaries of BancWest Corporation since 1998. Bank of the West markets
a very broad range of retail banking products and services to individuals, small businesses and
corporate clients, and has strong positions in certain niche lending markets. First Hawaiian Bank is
Hawaii’s leading bank, offering banking services to a local clientele of private individuals and
corporates.
Bank BGŻ BNP Paribas: Bank BGŻ is a universal commercial bank, one of the leading banks in Poland.
Its merger in 2015 with BNP Paribas Bank Polska led to the creation of Bank BGŻ BNP Paribas.
Through its network of 508 agencies, it offers services to retail and institutional clients, including a
sizeable group of businesses in the food and agricultural sector.
Investment Partners: BNP Paribas Investment Partners (BNPP IP) is the dedicated asset management
business line of the BNP Paribas Group and offers a comprehensive range of asset management services
to both private and institutional investors worldwide.
As a "multi-local" asset manager, BNPP IP develops 3 activity lines: Institutional (European and global
customised management solutions), Distributors (wide range of savings and services solutions adapted
to the needs of distributors and their customers) and Asia Pacific & Emerging Markets (combining local
asset management companies and global skills to meet the needs of both institutional investors and
distributors in these regions).
Personal Finance: BNP Paribas Personal Finance is the Group’s consumer credit specialist. BNP
Paribas Personal Finance operates in around 30 countries, and through brands such as Cetelem,
Cofinoga, Findomestic and AlphaCredit, it provides a comprehensive range of consumer loans at point
of sale (retail stores and car dealerships) and directly to clients either online or through its customer
relation centres. The consumer credit business also operates within the Group’s retail banking network
in the emerging countries, through the « PF Inside » set-up. In Germany, Bulgaria, France, Hungary and
Italy, the lending and insurance offer of Personal Finance has been complemented by savings products.
- 76 -
It is also developing an active strategy of partnerships with retail chains, car manufacturers and
dealers, web merchants and other financial institutions (banking and insurance).
A partnership of the BNP Paribas Personal Finance homogeneous group is tested individually for
impairment.
Real Estate: BNP Paribas Real Estate ranks as Continental Europe’s no. 1 provider of real estate
services to corporates and as one of France’s leading players in residential property.
Turk Ekonomi Bankasi: Present mostly in Turkey, Turk Ekonomi Bankasi offers its customers (Retail,
Corporate and SME) a wide array of financial products and services, including retail and private
banking, treasury and capital markets services, and financing.
Wealth Management: BNP Paribas Wealth Management encompasses the private banking activities of
BNP Paribas and serves a clientele of wealthy individuals, shareholder families and entrepreneurs
seeking a one-stop shop for all their wealth management and financial needs.
Corporate Banking : Corporate Banking comprises all financing products and services for corporate
clients, corporate finance, from transaction banking (cash management, international trade finance and
liquidity management) to financing solutions : vanilla lending, specialised financing (aircraft, shipping,
real estate, export, leveraged financing, project, corporate acquisition financing and media telecom).
This offer has been expanded with a line of products dedicated to the gathering of corporate deposits.
Global Markets: Global Markets incudes Fixed Income, Currencies and Commodities (global player in
credit, currency, interest-rate products and commodities), and Equity and Prime Services (division
which offers equity, index and fund derivatives as well as financing solutions and an integrated equity
brokerage platform, as well as primary equity capital market transactions).
Securities Services: BNP Paribas Securities Services is one of the major global players in securities
services and provides integrated solutions for all actors involved in the investment cycle, sell side, buy
side and issuers.
Goodwill impairment tests are based on three different methods: observation of transactions related to
comparable businesses, share price data for listed companies with comparable businesses, and
discounted future cash flows (DCF).
If one of the two comparables-based methods indicates the need for impairment, the DCF method is
used to validate the results and determine the amount of impairment required.
The DCF method is based on a number of assumptions in terms of future revenues, expenses and cost
of risk (cash flows) based on medium-term business plans over a period of five years. Cash flow
projections beyond the 5-year forecast period are based on a growth rate to perpetuity and are
normalised when the short-term environment does not reflect the normal conditions of the economic
cycle.
The key parameters which are sensitive to the assumptions made are the cost of capital, the
cost/income ratio, the cost of risk and the growth rate to perpetuity.
Cost of capital is determined on the basis of a risk-free rate, an observed market risk premium weighted
by a risk factor based on comparables specific to each homogeneous group of businesses. The values of
these parameters are obtained from external information sources.
Allocated capital is determined for each homogeneous group of businesses based on the “Common
Equity Tier One” regulatory requirements for the legal entity to which the homogeneous group of
businesses belongs, with a minimum of 7%.
- 77 -
The growth rate to perpetuity used is 2% for mature economies. For CGUs implemented in countries
with high levels of inflation, a specific add-on is taken into account (calculated according to inflation
rates disclosed by external sources).
The following table shows the sensitivity of cash generating unit valuations to changes in the value of
parameters used in the DCF calculation: the cost of capital, the cost/income ratio in terminal value, the
cost of risk in terminal value and the growth rate to perpetuity.
In consideration of the increased regulatory capital requirements for BNL, the goodwill allocated to the
BNL bc homogeneous group (EUR 917 million as at 31 December 2014) has been impaired in its
entirety. A EUR 297 million impairment allowance had been recognised in 2014.

Sensitivity of the main goodwill valuations to a 10-basis point change in the cost of
capital, a 1% point change in the cost/income ratio in terminal value, a 5 % point change
of the cost of risk in terminal value and a 50-basis point change in the growth rate to
perpetuity
BancWest
Personal Finance
Cost of capital
Adverse change (+10 basis points)
7.8%
(220)
9.4%
(186)
Positive change (- 10 basis points)
228
192
Cost/income ratio
Adverse change (+ 1 %)
55.6%
(440)
46.4%
(554)
Positive change (-1 %)
440
554
Cost of risk
Adverse change (+ 5 %)
(357)
(145)
(1,435)
(433)
Positive change (- 5 %)
145
433
Growth rate to perpetuity
Adverse change (-50 basis points)
2.0%
(550)
2.1%
(487)
Positive change (+50 basis points)
653
558
For the BancWest and Personal Finance homogeneous groups of businesses, there would be no grounds
for goodwill impairment even if the four most adverse scenarios contained in the table were applied to
the impairment test.
- 78 -
5.p
TECHNICAL RESERVES OF INSURANCE COMPANIES
31 December 2015
Liabilities related to insurance contracts
31 December 2014
135,664
128,396
50,082
46,382
85,582
82,014
Liabilities related to financial contracts with discretionary participation feature
33,516
30,444
Policyholders' surplus reserve - liability
15,863
16,374
Total technical reserves of insurance companies
185,043
175,214
Liabilities related to unit-linked financial contracts (1)
2,259
2,434
187,302
177,648
Gross technical reserves
Unit-linked contracts
Other insurance contracts
Total liabilities related to contracts written by insurance companies
(1)Liabilities
related to unit-linked financial contracts are included in “Due to customers” (note 5.g)
The policyholders’ surplus reserve arises from the application of shadow accounting. It represents the
interest of policyholders within French and Italian life insurance subsidiaries in unrealised gains and
losses and impairment losses on assets where the benefit paid under the policy is linked to the return
on those assets. It is obtained from stochastic calculations modelling the unrealised gains and losses
attributable to policyholders based on economic scenarios and assumptions as regards rates paid to
customers and new business inflows. For France, this resulted in an interest of 90% in 2015,
unchanged from 2014.
The movement in liabilities related to insurance contracts breaks down as follows:
Liabilities related to insurance contracts at start of period
Additions to insurance contract technical reserves and deposits taken on financial contracts
related to life insurance
Claims and benefits paid
Effect of changes in value of admissible investments related to unit-linked business
Effect of movements in exchange rates
Effect of changes in the scope of consolidation
Liabilities related to insurance contracts at end of period
177,648
157,488
22,040
31,413
(14,874)
2,143
(14,339)
2,513
300
45
482
91
187,302
177,648
See note 5.l for details of reinsurers’ share of technical reserves.
- 79 -
5.q

PROVISIONS FOR CONTINGENCIES AND CHARGES
Provisions for contingencies and charges by type
31 Dec. 2014
Net additions to
Provisions used
provisions
Provisions for employee benefits
Effect of
Changes in value movements in
recognised
exchange rates
directly in equity
and other
movements
31 Dec. 2015
6,904
692
(695)
(391)
171
6,681
4,769
119
(129)
(368)
106
4,497
165
5
(1)
(23)
4
150
1,086
213
(175)
58
1,182
382
36
(63)
(13)
342
502
319
(327)
16
510
137
32
-
-
169
Provisions for credit commitments (note 3.f)
1,014
74
(99)
(14)
975
Provisions for litigations
2,193
50
(686)
33
1,590
Other provisions for contingencies and charges
2,089
123
(303)
21
1,930
Total provisions for contingencies and charges
12,337
971
(1,783)
211
11,345
of which post-employment benefits (note 7.b)
of which post-employment healthcare benefits (note 7.b)
of which provision for other long-term benefits (note 7.c)
of which provision for voluntary departure, early retirement
plans, and headcount adaptation plan (note 7.d)
of which provision for share-based payments (note 7.e)
Provisions for home savings accounts and plans

(391)
Provisions and discount for home savings accounts and plans
31 December 2015
Deposits collected under home savings accounts and plans
of which deposits collected under home savings plans
Aged more than 10 years
31 December 2014
17,429
15,016
3,424
16,287
13,744
3,840
4,503
7,089
3,760
6,144
Outstanding loans granted under home savings accounts and plans
of which loans granted under home savings plans
164
29
233
42
Provisions and discount recognised for home savings accounts and plans
provisions recognised for home savings plans
172
166
143
125
3
3
12
6
Aged between 4 and 10 years
Aged less than 4 years
provisions recognised for home savings accounts
discount recognised for home savings accounts and plans
- 80 -
5.r
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES
The following table presents the amounts of financial assets and liabilities before and after offsetting.
This information, required by IFRS 7, aims to enable the comparability with the accounting treatment
applicable in accordance with generally accepted accounting principles in the United States (US GAAP),
which are less restrictive than IAS 32 as regards offsetting.
“Amounts set off on the balance sheet” have been determined according to IAS 32. Thus, a financial
asset and a financial liability are offset and the net amount presented on the balance sheet when, and
only when, the Group has a legally enforceable right to set off the recognised amounts and intends
either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Amounts set
off derive mainly from repurchase agreements and derivative instruments traded with clearing houses.
The “impacts of master netting agreements and similar agreements” are relative to outstanding
amounts of transactions within an enforceable agreement, which do not meet the offsetting criteria
defined by IAS 32. This is the case of transactions for which offsetting can only be performed in case of
default, insolvency or bankruptcy of one of the contracting parties.
“Financial instruments given or received as collateral” include guarantee deposits and securities
collateral recognised at fair value. These guarantees can only be exercised in case of default, insolvency
or bankruptcy of one of the contracting parties.
Regarding master netting agreements, the guarantee deposits received or given in compensation for the
positive or negative fair values of financial instruments are recognised in the balance sheet in accrued
income or expenses and other assets or liabilities.
- 81 -
Impact of
Master
Gross
Gross
Net amounts
Netting
amounts of amounts set presented on
Agreements
financial
off on the
the balance
(MNA) and
assets
balance sheet
sheet
similar
agreements
In millions of euros,
at 31 December 2015
Financial
instruments
received as
collateral
Net amounts
Assets
Trading securities
Loans
133,500
133,500
433
433
252,675
Derivative financial instruments (including derivatives used for hedging
purposes)
Loans and receivables due from customers and credit institutions
of which repurchase agreements
(121,325)
83,076
433
(19,161)
(111,526)
83,076
486,881
(132,194)
354,687
(272,364)
(34,620)
47,703
727,212
(1,288)
725,924
(1,165)
(6,784)
717,975
7,990
(1,165)
(6,784)
41
69,683
108,018
(38,335)
of which guarantee deposits paid
108,703
65,590
65,590
(38,335)
Other assets not subject to offsetting
457,205
457,205
TOTAL ASSETS
2,249,685
(685)
(255,492)
1,994,193
27,255
457,205
(292,690)
Impact of
Master
Gross
Gross
Net amounts
Netting
Agreements
financial
off on the
the balance
(MNA) and
liabilities balance sheet
sheet
similar
agreements
at 31 December 2015
663
83,076
7,990
131,350
133,500
(191,265)
Financial
instruments
given as
collateral
1,510,238
Net amounts
Liabilities
Trading securities
82,544
Borrowings
82,544
3,893
274,203
purposes)
Due to customers and to credit institutions
(130,494)
3,388
53,118
53,118
346,896
(272,364)
(38,496)
36,036
785,743
(1,288)
784,455
(1,330)
(9,136)
773,989
10,703
(1,330)
(9,136)
237
89,314
88,629
(34,730)
53,899
50,284
50,284
(34,730)
15,554
381,703
381,703
(212,856)
1,388,570
2,149,608
- 82 -
3,893
(18,996)
(132,194)
Accrued expense and other liabilities
TOTAL LIABILITIES
152,878
479,090
10,703
Other liabilities not subject to offsetting
3,893
(121,325)
53,118
of which guarantee deposits received
82,544
(685)
(255,492)
1,894,116
381,703
(292,690)
Impact of
Master
Gross
Gross
Net amounts
Netting
Agreements
financial
off on the
the balance
(MNA) and
assets
balance sheet
sheet
similar
agreements
at 31 December 2014(1)
Financial
instruments
received as
collateral
Net amounts
Assets
Trading securities
156,546
Loans
156,546
684
270,731
purposes)
Loans and receivables due from customers and credit institutions
684
(105,639)
78,827
165,092
684
(32,176)
(128,899)
78,827
712,876
(280,612)
432,264
(350,206)
(33,258)
48,800
701,323
(572)
700,751
(878)
(3,516)
696,357
4,503
(878)
(3,516)
109
70,419
110,088
(39,669)
of which guarantee deposits paid
112,575
65,765
65,765
(39,669)
Other assets not subject to offsetting
433,506
433,506
TOTAL ASSETS
2,467,068
(2,487)
(389,310)
2,077,758
26,096
433,506
(383,260)
Impact of
Master
Gross
Gross
Net amounts
Netting
Agreements
financial
off on the
the balance
(MNA) and
liabilities balance sheet
sheet
similar
agreements
at 31 December 2014(1)
4,017
78,827
4,503
156,546
(205,342)
Financial
instruments
given as
collateral
1,489,156
Net amounts
Liabilities
Trading securities
78,912
Borrowings
4,136
298,236
purposes)
Due to customers and to credit institutions
(149,703)
11,541
57,632
57,632
433,243
(350,206)
(46,936)
36,101
732,473
(572)
731,901
(1,701)
(8,121)
722,079
10,448
(1,701)
(8,121)
626
87,722
(33,665)
54,057
41,936
41,936
(33,665)
397,926
397,926
90,209
TOTAL LIABILITIES
4,136
(31,353)
(280,612)
Accrued expense and other liabilities
of which guarantee deposits received
192,597
713,855
10,448
Other liabilities not subject to offsetting
78,912
4,136
(105,639)
57,632
(1)
78,912
2,373,379
(2,487)
(389,310)
1,984,069
8,271
397,926
(383,260)
(238,425)
1,362,384
Restated according to the IFRIC 21 interpretation (see notes 1.a and 2.)
- 83 -
5.s
TRANSFERS OF FINANCIAL ASSETS
Financial assets that have been transferred but not derecognised by the Group are mainly composed of
securities sold temporarily under repurchase agreements or securities lending transactions, as well as
securitised assets. The liabilities associated to securities temporarily sold under repurchase agreements
consist of debts recognised under the “repurchase agreements” heading. The liabilities associated to
securitised assets consist of the securitisation notes purchased by third parties.

Securities lending, repurchase agreements and other transactions:
31 December 2015
In millions of euros, at
Carrying amount of
transferred assets
31 December 2014
Carrying amount of
associated liabilities
Carrying amount of
transferred assets
Carrying amount of
associated liabilities
Securities lending operations
Securities at fair value through profit or loss
Securities classified as loans and receivables
3,870
12
2,970
2,104
20
56
55,976
1,215
55,188
1,180
11,884
11,878
327
477
477
50,897
71,732
68,723
40,152
39,124
Securities classified as loans and receivables
1,093
10,373
1,090
10,356
327
58,797
Other transactions
Total

Securitisation transactions partially refinanced by external investors, whose recourse is
limited to the transferred assets:
In millions of euros, at 31 December 2015
Carrying amount Carrying amount
of transferred
of associated
assets
liabilities
Fair value of
transferred
assets
Fair value of
associated
liabilities
Net position
Securitisation
-
Loans and receivables
16,189
298
15,088
295
16,839
299
15,242
299
1,597
-
Total
16,487
15,383
17,138
15,541
1,597
In millions of euros, at 31 December 2014
Carrying amount Carrying amount
of transferred
of associated
assets
liabilities
Fair value of
transferred
assets
Fair value of
associated
liabilities
Net position
Securitisation
64
56
64
56
15,159
393
13,450
359
15,484
365
13,376
322
Total
15,616
13,865
15,913
13,754
Loans and receivables
8
2,108
43
2,159
There have been no significant transfers leading to partial or full derecognition of the financial assets
where the Bank has a continuing involvement in them.
- 84 -
6. FIN ANCING COMMITMENT S AND GU AR ANTEE
COMMITMENTS
6.a
FINANCING COMMITMENTS GIVEN OR RECEIVED
Contractual value of financing commitments given and received by the Group:
31 December 2015
- to customers
31 December 2014
5,879
3,626
269,937
242,755
209,425
60,512
202,363
40,392
275,816
246,381
- from credit institutions
- from customers
100,343
104,857
1,601
2,180
Total financing commitments received
101,944
107,037
Confirmed letters of credit
Other commitments given to customers
Total financing commitments given
Financing commitments received
6.b
GUARANTEE COMMITMENTS GIVEN BY SIGNATURE
31 December 2015
- to customers
Property guarantees
Sureties provided to tax and other authorities, other sureties
Other guarantees
Total guarantee commitments given
- 85 -
31 December 2014
11,995
13,722
109,892
1,206
45,813
62,873
110,584
1,066
51,120
58,398
121,887
124,306
6.c
OTHER GUARANTEE COMMITMENTS

Financial instruments given as collateral:
31 December 2015
Financial instruments (negotiable securities and private receivables) lodged with central
banks and eligible for use at any time as collateral for refinancing transactions after haircut
31 December 2014
113,192
118,764
20,153
93,039
22,761
96,003
Securities sold under repurchase agreements
275,497
301,444
Other financial assets pledged as collateral for transactions with credit institutions,
financial customers or subscribers of covered bonds issued by the Group (1)
120,871
127,904
- Used as collateral with central banks
- Available for refinancing transactions
(1)Notably including
"Société de Financement de l’Économie Française" and "Caisse de Refinancement de l’Habitat" financing.
Financial instruments given as collateral by the Group that the beneficiary is authorised to sell or reuse
as collateral amounted to EUR 357,722 million at 31 December 2015 (EUR 385,415 million at 31
December 2014).

Financial instruments received as collateral:
31 December 2015
Financial instruments received as collateral (excluding repurchase agreements)
of which instruments that the Group is authorised to sell and reuse as collateral
Securities received under repurchase agreements
31 December 2014
83,649
89,283
59,817
40,317
266,093
271,548
The financial instruments received as collateral or under repurchase agreements that the Group
effectively sold or reused as collateral amounted to EUR 207,333 million at 31 December 2015
(compared with EUR 226,850 million at 31 December 2014).
- 86 -
7. S AL ARIES AND EMPLOYE E BENEFITS
7.a
SALARY AND EMPLOYEE BENEFIT EXPENSE
Fixed and variable remuneration, incentive bonuses and profit-sharing
Employee benefit expense
Payroll taxes
Total salary and employee benefit expense
7.b
11,882
10,779
3,660
519
3,487
535
16,061
14,801
POST-EMPLOYMENT BENEFITS
IAS 19 distinguishes between two categories of plans, each handled differently depending on the risk
incurred by the entity. When the entity is committed to paying a fixed amount, stated as a percentage of
the beneficiary's annual salary, for example, to an external entity handling payment of the benefits
based on the assets available for each plan member, it is described as a defined-contribution plan.
Conversely, when the entity's obligation is to manage the financial assets funded through the collection
of contributions from employees and to bear the cost of benefits itself or to guarantee the final amount
subject to future events, it is described as a defined-benefit plan. The same applies, if the entity
entrusts management of the collection of premiums and payment of benefits to a separate entity, but
retains the risk arising from management of the assets and/or from future changes in the benefits.

Defined-contribution pension plans for Group entities
The BNP Paribas Group has implemented over the past few years a wide campaign of converting
defined-benefit plans into defined-contribution plans.
Thus, in France, the BNP Paribas Group pays contributions to various nationwide basic and top-up
pension schemes. BNP Paribas SA and certain subsidiaries have set up a funded pension plan under a
company-wide agreement. Under this plan, employees will receive an annuity on retirement in addition
to the pension paid by nationwide schemes.
Since defined-benefit plans have been closed to new employees in most countries outside France, they
are offered the benefit of joining defined-contribution pension plans.
The amount paid into defined-contribution post-employment plans for the year to 31 December 2015
was EUR 606 million, compared with EUR 551 million for the year to 31 December 2014.
- 87 -
The breakdown by major contributors is determined as follows:
Contribution amount
France
299
292
Italy
UK
60
57
57
44
USA
Turkey
38
43
29
41
Others
109
88
TOTAL
606
551
In Italy, the plan introduced by BNL is funded by employer contributions (4% of salaries) and employee
contributions (2% of salaries). Employees can also make additional voluntary contributions.
In the United Kingdom, the employer contributes 12% of salaries for the majority of employees;
employees can make additional voluntary contributions.
In the US, the bank matches the voluntary contributions made by employees, within certain limits.

Main defined-benefit pension plans for Group entities, of which indemnities payable on
retirement
In Belgium, BNP Paribas Fortis funds a defined-benefit plan, based on final salary and number of years
of service, for its management and employees who joined the bank before its pension plans were
harmonised on 1 January 2002. Actuarial liabilities under this scheme are pre-funded at 97 % at 31
December 2015 (compared with 89 % at 31 December 2014) through AG Insurance, in which the BNP
Paribas Group owns a 25% equity interest.
BNP Paribas Fortis senior managers are covered by a top-up pension plan, paying a lump sum based on
the number of years of service and final salary. This plan is pre-funded at 85 % as at 31 December
2015 (74 % at 31 December 2014) through AXA Belgium and AG Insurance. This scheme has been
closed on 1 January 2015 for new senior managers and has been replaced by a defined-contribution
scheme with guaranteed returns, which has been opened to current senior managers who would like to
shift from the previous scheme to this new scheme.
In addition, the law requires employers to guarantee a minimum return on assets saved under definedcontribution schemes. The employer guarantee rate will be revised as at 1 January 2016. As a result of
this obligation, these plans are classified as defined-benefit schemes. An annual review ensures that the
financial assets are sufficient to honour the guaranteed return imposed upon the employer. At 31
December 2015, the amount of assets is 10 % higher than that of obligations (5 % at 31 December
2014).
In France, BNP Paribas pays a top-up banking industry pension arising from rights acquired to
31 December 1993 by retired employees and active employees in service at that date. At 31 December
2015, the Group's residual obligations for employees of BNP origin were recognised on the balance
sheet in full.
The defined-benefit plans previously granted to Group executives formerly employed by BNP, Paribas or
Compagnie Bancaire have all been closed to new employees and converted into top-up type schemes.
The amounts allocated to residual beneficiaries, subject to their presence within the Group at
retirement, were fixed when these schemes were closed. At 31 December 2015, 93 % of these pension
plans were funded through insurance companies (91 % at 31 December 2014).
In the United Kingdom, defined-benefit pension plans (pension funds) still exist but are closed to new
employees. Under these plans, the defined pension is generally based on final salary and number of
years of service. Pension schemes are managed by independent management bodies (Trustees). At 31
December 2015, obligations for all UK entities were 109 % covered by financial assets, compared with
96 % at 31 December 2014.
- 88 -
In Switzerland, liabilities relate to top-up pension plans based on the principle of defined-contribution
schemes with guaranteed returns, paying an annuity under pre-defined terms. These schemes are
managed by a foundation. At the end of 2015, obligations were 88 % covered by financial assets,
compared with 97 % at the end of 2014.
In the United States, defined-benefit pension plans are based on annual vesting rights to a lump sum
comprising a pension expressed as a percentage of annual salary and paying interest at a pre-defined
rate. These plans are closed to new entrants and have offered almost no new vesting rights since 2012.
At 31 December 2015, the obligation was 70 % covered by financial assets, (unchanged from 31
December 2014).
In Turkey, the pension plan replaces the national pension scheme (these obligations are measured
based on the terms of the eventual transfer to the Turkish State) and offers guarantees exceeding the
minimal legal requirements. At the end of 2015, obligations under this plan are fully funded by
financial assets held with an external foundation; these financial assets exceed the related obligations,
but since it is not refundable, this surplus is not recognised as an asset by the Group. The funding
coverage rate at 31 December 2015 reached 172 % (195 % at 31 December 2014).
-
Other post-employment benefits
Group employees also receive various other contractual post-employment benefits, such as indemnities
payable on retirement, determined according to minimal legal requirements (Labour Code, collective
agreements) or according to specific company-level agreements.
In France, the obligations for these benefits are funded through a contract held with a third-party
insurer. At 31 December 2015, this obligation was 85 % covered by financial assets, compared with
79 % at 31 December 2014.
In other countries, the gross obligations of the Group related to these benefits are mainly concentrated
in Italy. They are representative of rights vested up to 31 December 2006, since pension reforms
changed Italian termination indemnity schemes into defined-contribution plans.
- 89 -

-
Obligations under defined-benefit plans and other post-employment benefits
Assets and liabilities recognised on the balance sheet
In millions of
euros, at 31
December
2015
Belgium
Defined-benefit
obligation
arising from
wholly or
partially funded
plans
Definedbenefit
obligation
arising from
unfunded
plans
Present
value of
definedbenefit
obligation
Fair value
of
Fair value
reimburseof plan
ment rights
assets
(1)
Effect of
asset
ceiling
3,011
17
3,028
(38)
France
1,422
134
1,556
(1,224)
332
UK
1,460
1
1,461
(1,587)
(126)
Switzerland
1,080
14
1,094
(954)
140
681
179
860
(604)
256
390
390
USA
Italy
(2,912)
of which
of which
asset
obligation
of which net of which fair
recognised in
recognised in
Net
assets of
value of
the balance
the balance
obligation
definedreimbursesheet for
sheet for
benefit plans ment rights
defineddefined-benefit
benefit plans
plans
281
32
313
(484)
Others
591
228
819
(474)
(27)
TOTAL
8,526
995
9,521
(5,365)
(2,939)
In millions of
euros, at 31
December
2014
Belgium
Definedbenefit
obligation
arising from
unfunded
plans
Present
value of
definedbenefit
obligation
203
(2,912)
Fair value
of
Fair value
reimburseof plan
ment rights
assets
(1)
203
Effect of
asset
ceiling
(2,778)
332
(131)
(131)
5
140
(2)
(2)
258
390
32
32
(32)
(5)
(27)
350
1,420
(3,077)
(138)
(2,939)
4,497
of which
of which
asset
obligation
of which net of which fair
recognised in
recognised in
Net
assets of
value of
the balance
the balance
obligation
definedreimbursesheet for
sheet for
benefit plans ment rights
defineddefined-benefit
benefit plans
plans
19
3,215
(33)
France
1,584
135
1,719
(1,265)
454
UK
1,470
1
1,471
(1,410)
61
Switzerland
908
16
924
(882)
42
USA
646
169
815
(572)
243
432
432
404
(2,778)
(2,778)
253
36
289
(492)
Others
583
156
739
(440)
(24)
239
TOTAL
8,640
964
9,604
(5,094)
(2,802)
239
3,182
454
(12)
(12)
73
42
(2)
(2)
245
432
Turkey
2,990
318
3,196
Italy
(2,912)
390
Turkey
Defined-benefit
obligation
arising from
wholly or
partially funded
plans
78
432
36
36
275
(30)
(6)
(24)
305
1,947
(2,822)
(20)
(2,802)
4,769
The reimbursement rights are principally found on the balance sheet of the Group’s insurance subsidiaries and associated companies - notably AG Insurance with respect to BNP
Paribas Fortis’ defined-benefit plan - to hedge their commitments to other Group entities that were transferred to them to cover the post-employment benefits of certain employee
categories.
(1)
- 90 -
-
Change in the present value of the defined-benefit obligation
Present value of defined-benefit obligation at start of period
Current service cost
Interest cost
Past service cost
Settlements
Actuarial (gains)/losses on change in demographic assumptions
Actuarial (gains)/losses on change in financial assumptions
Actuarial (gains)/losses on experience gaps
Actual employee contributions
Benefits paid directly by the employer
Benefits paid from assets/reimbursement rights
Exchange rate (gains)/losses on obligation
(Gains)/losses on obligation related to changes in the consolidation scope
Others
Present value of defined-benefit obligation at end of period
-
9,604
8,392
293
181
269
240
(5)
-
(2)
(10)
22
(346)
52
988
(1)
24
(152)
24
(123)
(477)
(108)
(354)
241
108
222
46
-
(3)
9,521
9,604
Change in the fair value of plan assets and reimbursement rights
Plan assets
Fair value of assets at start of period
Expected return on assets
Settlements
Actuarial gains/(losses) on assets
Actual employee contributions
Employer contributions
Benefits paid from assets
Exchange rate gains/(losses) on assets
Gains/(losses) on assets related to changes in the consolidation
scope
Others
Fair value of assets at end of period
- 91 -
Reimbursement rights
Year to
31 Dec. 2015
5,094
Year to
31 Dec. 2014
4,477
Year to
31 Dec. 2015
2,802
Year to
31 Dec. 2014
2,658
126
157
(6)
40
64
99
14
284
14
184
10
112
10
112
(264)
162
(199)
114
(213)
110
(155)
179
203
4
1
5,365
1
1
5,094
3
(1)
2,939
3
2,802
-
Components of the cost of defined-benefit plans
Service costs
Current service cost
Past service cost
Settlements
Net financial expense
Interest cost
Interest income on plan asset
Interest income on reimbursement rights
Total recognised in salary and employee benefit expense
-
288
293
263
269
(5)
-
(2)
(4)
34
181
38
240
(106)
(41)
322
(138)
(64)
301
Other items recognised directly in equity
Other items recognised directly in equity
639
(463)
Actuarial (losses)/gains on plan assets or reimbursement rights
Actuarial (losses)/gains of demographic assumptions on the present value of obligations
283
(22)
396
(52)
Actuarial (losses)/gains of financial assumptions on the present value of obligations
Experience (losses)/gains on obligations
346
1
(988)
152
31
29
Variation of the effect of assets limitation
- 92 -
Main actuarial assumptions used to calculate obligations
-
In the Eurozone, United Kingdom and United States, the Group discounts its obligations using the
yields of high quality corporate bonds, with a term consistent with the duration of the obligations.
The ranges of rates used are as follows:
31 December 2015
31 December 2014
Discount rate
Compensation
increase rate (1)
Discount rate
Compensation
increase rate (1)
Belgium
0.40%-2.00%
2.40%-3.30%
0.40%-1.50%
1.95%-3.30%
France
UK
0.60%-2.00%
2.50%-3.70%
2.30%-3.30%
2.00%-4.70%
0.70%-1.50%
3.40%-4.10%
2.00%-3.00%
2.00%-4.75%
Switzerland
USA
0.40%-0.80%
4.40%
1.90%
4.00%
1.10%-1.30%
4.15%
2.20%
4.00%
Italy
Turkey
0.80%-2.00%
10.30%
1.80%-2.90%
6.00%
0.70%-2.20%
8.60%
2.80%
6.00%
In %
(1) Including
price increases (inflation)
Observed weighted average rates are as follows:
-
In the Eurozone: 1.48 % at 31 December 2015 (1.06 % at 31 December 2014),
-
In the United Kingdom: 3.70 % at 31 December 2015 (3.40 % at 31 December 2014),
-
In Switzerland: 0.80 % at 31 December 2015 (1.10% at 31 December 2014).
The impact of a 100 bp change in discount rates on the present value of post-employment benefit
obligations is as follows:
31 December 2015
Change in the present value of obligations
Discount rate
-100bp
31 December 2014
Discount rate
+100bp
Discount rate
-100bp
Discount rate
+100bp
Belgium
277
(236)
269
(225)
France
UK
156
389
(131)
(292)
181
365
(150)
(273)
Switzerland
USA
102
106
(140)
(91)
140
108
(108)
(91)
30
17
(30)
(14)
36
20
(30)
(16)
Italy
Turkey
- 93 -
Actual rate of return on plan assets and reimbursement rights over the period
-
Year to 31 December 2015
Weighted average
rates
Range of value
(reflecting the
existence of several
plans in the same
country)
Weighted average
rates
1.10%-6.00%
3.72%
1.30%-8.30%
6.68%
France
UK
3.50%
2.30%-6.90%
3.50%
5.82%
3.60%
3.30%-21.00%
3.60%
17.07%
Switzerland
USA
1.70%-5.10%
1.11%-2.00%
1.84%
1.48%
7.80%-8.00%
6.22%-11.94%
7.94%
7.57%
10.80%
10.80%
8.72%
8.72%
In %
Belgium
Range of value
(reflecting the
existence of several
plans in the same
country)
Year to 31 December 2014
Turkey
Breakdown of plan assets
-
31 December 2015
Shares
NonGovernment
Government Real-estate
al bonds
al bonds
31 December 2014
Deposit
account
Others
Shares
NonGovernment
Government Real-estate
al bonds
al bonds
Deposit
account
Others
In %
Belgium
6%
56%
18%
2%
0%
18%
2%
63%
17%
0%
0%
18%
France
7%
66%
18%
9%
0%
0%
6%
68%
18%
8%
0%
0%
UK
29%
54%
9%
0%
2%
6%
31%
50%
12%
0%
2%
5%
Switzerland
38%
32%
0%
14%
3%
13%
38%
34%
0%
13%
4%
11%
USA
47%
35%
13%
2%
1%
2%
48%
24%
26%
2%
0%
0%
Turkey
0%
0%
0%
5%
93%
2%
0%
1%
0%
5%
91%
3%
Others
7%
13%
8%
1%
19%
52%
10%
15%
12%
1%
13%
49%
GROUP
17%
47%
12%
4%
7%
13%
15%
49%
14%
3%
7%
12%
The Group introduced an asset management governance for assets backing defined-benefit pension
plan commitments, the main objectives of which are the management and control of the risks in term of
investment.
It sets out investment principles, in particular, by defining an investment strategy for plan assets,
based on financial objectives and financial risk management, to specify the way in which plan assets
have to be managed, via financial management servicing contracts.
The investment strategy is based on an assets and liabilities management analysis that should be
realised at least on an annual basis for plans with assets in excess of EUR 100 million and every three
years for plans with assets of between EUR 20 and EUR 100 million.

Post-employment healthcare benefits
The Group offers some healthcare benefit plans for retired employees, mainly in the United States and
Belgium. These plans are mainly closed to new entrants.
The current value of post-employment healthcare benefit obligations stood at EUR 150 million at 31
December 2015, down from EUR 165 million at 31 December 2014, i.e. a decrease of EUR 15 million in
2015, of which EUR 23 million recognised directly in shareholders’ equity.
- 94 -
7.c
OTHER LONG-TERM BENEFITS
BNP Paribas offers its employees various long-term benefits, mainly long-service awards, the ability to
save up paid annual leave in time savings accounts, and certain guarantees protecting them in the
event they become incapacitated. The net provision amounted to EUR 546 million at 31 December 2015
(EUR 520 million at 31 December 2014).
As part of the Group’s variable compensation policy, annual deferred compensation plans are set up for
certain high-performing employees or pursuant to special regulatory frameworks. Under these plans,
payment is deferred over time and is subject to the performance achieved by the business lines,
divisions and Group.
Since 2013, BNP Paribas has introduced a Group loyalty scheme with a cash payment, at the end of a
three-year vesting period, which fluctuates according to the Group’s intrinsic performance. The aim of
this loyalty scheme is to make different categories of managerial staff partners in the Group’s
development and profitability objectives. These personnel are representative of the Group’s talent and
the breadth of its managerial framework i.e. senior managers, managers in key positions, line managers
and experts, high-potential managers, high-performing young executives with good career development
prospects and key contributors to the Group’s results.
The amounts allocated under this plan are linked to changes in the Group’s operational performance
over three years (for 80%) and to the achievement of the Group’s Corporate Social Responsibility (CSR)
targets (for 20%). These nine targets are in line with the four pillars on which the Group’s CSR policy is
based. In addition, the final payment is subject to continuous service within the Group between the
grant date and the payment date, provided that the Group’s operating income and pre-tax income for
the year prior to payment are strictly positive. For employees subject to special regulatory frameworks,
this loyalty scheme is adjusted in accordance with the CRD4 European Directive.
The net obligation related to deferred compensation plans and loyalty schemes amounts to
EUR 532 million at 31 December 2015 (EUR 456 million at 31 December 2014).
31 December 2015
31 December 2014
Net provisions for other long-term benefits
1,078
976
Asset recognised in the balance sheet under the other long-term benefits
Obligation recognised in the balance sheet under the other long-term benefits
(104)
1,182
(110)
1,086
7.d
TERMINATION BENEFITS
BNP Paribas has implemented a number of voluntary redundancy plans and headcount adaptation
plans for employees who meet certain eligibility criteria. The obligations to eligible active employees
under such plans are provided for as soon as a bilateral agreement or a bilateral agreement proposal for
a particular plan is made.
31 December 2015
Provision for voluntary departure, early retirement plans, and headcount adaptation plans
- 95 -
342
31 December 2014
382
7.e
SHARE-BASED PAYMENTS
SHARE-BASED LOYALTY, COMPENSATION AND INCENTIVE SCHEMES
BNP Paribas has set up several share-based payment schemes for certain employees:
-
deferred share price-linked, cash-settled long term compensation plans, mainly for employees
whose activities are likely to have an impact on the Group's risk exposure;
-
until 2012, a Global Share-Based Incentive Plan including:

o
performance shares plans,
o
stock subscription or purchase option plans.
Deferred share price-linked, cash-settled compensation plans
As part of the Group’s variable remuneration policy, deferred annual compensation plans offered to
certain high-performing employees or set up pursuant to special regulatory frameworks may entitle
beneficiaries to variable compensation settled in cash but linked to the share price, payable over several
years.
-
Variable compensation for employees, subject to special regulatory frameworks
Since the publication of the Decree by the French ministry of finance on 13 December 2010, and
following the provisions of the European Directive CRD4 of 26 July 2013 transposed into the
French law in the Monetary and Financial Code by the Order of 20 February 2014 as well as the
Decrees and Orders of 3 November 2014 and the delegated European regulation of 4 March
2014, the variable compensation plans apply to Group employees performing activities that may
have a material impact on the Group’s risk profile.
Under these plans, payment is deferred over time and is contingent on the performance achieved
by the business lines, core businesses and Group.
Sums are mostly paid in cash linked to the increase or decrease in the BNP Paribas share price.
In addition, in accordance with the regulatory requirements in force, some of the variable
compensation granted over the year in respect of the performance of the previous year is also
indexed to the BNP Paribas share price and paid to beneficiaries during the year of attribution.
-
Deferred variable compensation for other Group employees
Sums due under the annual deferred compensation plans for high-performing employees are
partly paid in cash linked to the increase or decrease in the BNP Paribas share price.

Global Share-Based Incentive Plan
Until 2012, BNP Paribas set up a Global Share-Based Incentive Plan for some Group employees,
including stock options and performance share awards.
The option exercise price under these plans is determined at the time of issuance and no discount is
offered. The duration of the options granted is 8 years.
Performance shares awarded between 2009 and 2012 vest after a period of 3 or 4 years, depending on
the case and provided that the employee is still a member of the Group. The compulsory holding period
for performance shares is two years for France-based employees.
Since 2010, the conditional portion granted has been set at 100% of the total award for members of the
BNP Paribas Group Executive Committee and senior managers and 20% for other beneficiaries.
Under stock option plans set up between 2003 and 2011, the performance condition was not fully met
on seven out of thirty occasions and the adjustments described above were therefore implemented.
Under performance share plans awarded between 2009 and 2012, the performance condition was not
met on three out of ten occasions and the relevant contingent portion therefore lapsed.
All unexpired plans settle in a potential subscription or transfer of BNP Paribas shares.
- 96 -
-
Expense of share-based payment
Year to 31 Dec.
2014
Expense / (revenue) in millions of euros
Stock
subscription and
purchase option
plans
Variable deferred
compensation
plans
Performance
share plans
Prior deferred compensation plans
Deferred compensation plans for the year
Global Share-Based Incentive Plan
Total

1
6
1
6
Total expense
Total expense
58
58
(80)
261
261
7
221
19
319
326
160
Valuation of stock option plans and performance share plans
As required under IFRS 2, BNP Paribas attributes a value to stock options and performance shares
granted to employees and recognises an expense, determined at the date of grant, calculated
respectively on the basis of the fair value of the options and shares concerned. This initial fair value
may not subsequently be adjusted for changes in the quoted market price of BNP Paribas shares. The
only assumptions that may result in a revision of the fair value during the vesting period, and hence an
adjustment in the expense, are those related to the population of beneficiaries (loss of rights) and
internal performance conditions. The Group’s share-based payment plans are valued by an independent
specialist firm.
- 97 -

History of plans granted under the Global Share-Based Incentive Plan
The tables below give details of the characteristics and terms of all unexpired plans at 31 December
2015:
-
Stock subscription option plan
Options outstanding at end
of period
Characteristics of the plan
Originating company
Date of grant
Number of
options
granted (1)
Number of
grantees
Start date of
Option
exercise
expiry date
period
Adjusted
exercise
price
(in euros)
Number of
options
(1)
(1)
BNP Paribas SA (2)
BNP Paribas SA (2)
BNP Paribas SA (2)
BNP Paribas SA (2)
Remaining
period until
expiry of
options
(years)
18/04/2008
2,402
4,085,347
18/04/2012
15/04/2016
64.47
3,270,321
0.3
06/04/2009
05/03/2010
1,397
1,820
2,437,234
2,423,700
08/04/2013
05/03/2014
05/04/2017
02/03/2018
35.11
51.20
1,016,769
1,884,845
1.3
2.2
04/03/2011
1,915
2,296,820
04/03/2015
04/03/2019
56.45
2,030,024
3.2
Total options outstanding at
end of period
8,201,959
(1)
The number of options and the exercise price have been adjusted, where appropriate, for the detachment of pre-emptive subscription rights on 30 September 2009, in
accordance with the regulations in force.
(2) The plan is subject to vesting conditions under which a proportion of the options granted to employees is conditional upon the performance of the BNP Paribas share relative
to the Dow Jones Euro Stoxx Bank index during the applicable holding period.
Based on this relative performance condition, the adjusted exercise price for these options has been set at EUR 67.74 for 214,186 options under the 4 March 2011 plan,
outstanding at the year-end.
-
Performance share plans
Characteristics of the plan
Originating company
Date of grant
Number of
shares
Expiry date of outstanding at
Number of Number of shares Vesting date of
holding period for end of period
grantees
granted
shares granted
shares granted
BNP Paribas SA (1) (2)
2009-2011
BNP Paribas SA
06/03/2012
2,610
1,072,480
09/03/2015
09/03/2017
1,380
06/03/2012
2,755
849,455
07/03/2016
07/03/2016
753,640
(1)
BNP Paribas SA
1,393
Total shares outstanding at end of period
(1)
(2)
756,413
The vesting date for certain shares has been deferred due to the beneficiaries’ absence on the date initially scheduled.
The number of shares has been adjusted for the pre-emptive subscription rights allotted on 30 September 2009.
- 98 -

-
Movements over the past two years
Stock subscription option plans
Number of options
Weighted average
exercise price (in euros)
Number of options
Weighted average
exercise price (in euros)
Options outstanding at 1 January
12,416,877
62.16
17,441,393
63.11
Options exercised during the period
(427,478)
(3,787,440)
42.98
(1,185,557)
(3,838,959)
44.94
Options outstanding at 31 December
8,201,959
56.09
12,416,877
62.16
Options exercisable at 31 December
8,201,959
56.09
10,281,117
63.35
Options expired during the period
The average quoted stock market price over the option exercise period in 2015 is EUR 56.61 (EUR 56.99
in 2014).
-
Performance share plans
Shares outstanding at 1 January
Shares vested during the period
Shares expired during the period
Shares outstanding at 31 December
- 99 -
Number of shares
Number of shares
2,179,141
3,264,620
(1,340,114)
(82,614)
(773,316)
(312,163)
756,413
2,179,141
8.
ADDITION AL INFORM ATI ON
8.a
CHANGES IN SHARE CAPITAL AND EARNINGS PER SHARE
At 31 December 2015, the share capital of BNP Paribas SA amounted to EUR 2,492,770,306, and was
divided into 1,246,385,153 shares. The nominal value of each share is EUR 2. At 31 December 2014,
the share capital amounted to EUR 2,491,915,350 and was divided into 1,245,957,675 shares.

Ordinary shares issued by BNP Paribas and held by the Group
Proprietary transactions
Trading transactions
Carrying
amount
(in millions of
euros)
Number of
shares
Shares held at 31 December 2013
2,798,942
Acquisitions
138
Number of
shares
(375,580)
Total
(1)
Carrying
amount
(in millions of
euros)
(22)
Number of
shares
Carrying
amount
(in millions of
euros)
2,423,362
116
1,987,822
99
1,987,822
99
Disposals
Shares delivered to employees
(650,904)
(773,316)
(35)
(32)
(650,904)
(773,316)
(35)
(32)
Capital decrease
Other movements
(390,691)
(30)
(390,691)
(2,867,888)
(271,615)
(30)
(138)
(20)
895,726
(903,592)
47
(47)
Acquisitions
Disposals
Shares delivered to employees
Other movements
(1)
2,971,853
140
895,726
(903,592)
47
(47)
(1,340,114)
(59)
1,623,873
81
(2,867,888)
(3,243,468)
(138)
(160)
3,081,539
151
(1,340,114)
3,081,539
(59)
151
(161,929)
(9)
1,461,944
72
Transactions realised in the framework of an activity of trading and arbitrage transactions on equity indices.
At 31 December 2015, the BNP Paribas Group was a net holder of 1,461,944 BNP Paribas shares
representing an amount of EUR 72 million, which was recognised as a decrease in equity.
During 2015, BNP Paribas SA purchased 65,000 shares (excluding the liquidity contract) on the market
at an average share price of EUR 44.83 per share, with the intention of cancelling these shares.
Under the Bank’s market-making agreement relating to the BNP Paribas share on the Italian market
made with Exane BNP Paribas, and in line with the Code of Ethics recognised by the AMF, the Bank
bought back 830,726 shares in 2015 at an average share price of EUR 53.18, and sold 903,592 shares
at an average share price of EUR 53.76. At 31 December 2015, 100,000 shares worth EUR 5.3 million
were held by BNP Paribas SA under this agreement.
From 1 January 2015 to 31 December 2015, 1,340,114 shares were delivered following the definitive
award of performance shares to their beneficiaries.
- 100 -

Preferred shares and Undated Super Subordinated Notes eligible as Tier 1 regulatory capital
-
Preferred shares issued by the Group’s foreign subsidiaries
BNP Paribas Personal Finance made in 2004 two issues of undated non-voting preferred shares through
a special purpose entity governed by UK law and which is exclusively controlled. Since the first call
date, these preferred shares are redeemable at par at the issuer’s discretion at each quarterly coupon
date.
Issuer
Cofinoga Funding II LP
Date of issue
January and May 2004
Currency
Amount
(in millions of euros)
EUR
Total at 31 December 2015
(1)
(2)
80
Rate and term before 1st call
Rate after 1st call date
date
TEC 10 (1) +1.35%
10 years TEC 10 (1) + 1.35%
73 (2)
TEC 10 is the daily long-term government bond index, corresponding to the yield-to-maturity of a fictitious 10-year Treasury note.
Value at the date of acquisition of control over the LaSer group.
These issues and the related dividends are recorded under “Minority interests” in the balance sheet.
-
Undated Super Subordinated Notes issued by BNP Paribas SA
BNP Paribas has issued Undated Super Subordinated Notes which pay a fixed or floating rate coupon
and are redeemable at the end of a fixed period and thereafter at each coupon date. Some of these
issues will pay a coupon indexed to Euribor, Libor or a swap rate if the notes are not redeemed at the
end of this period.
On 17 June 2015, BNP Paribas SA has issued Undated Super Subordinated Notes for an amount of
EUR 750 million, which pay a 6.125% fixed rate coupon. The notes could be redeemed at the end of a
7-year period. If the notes are not redeemed in 2022, a 5-year euro swap rate coupon will be paid halfyearly. This issue is eligible to Additional Tier 1 capital.
On 29 June 2015, BNP Paribas redeemed the June 2005 issue for a total amount of USD 1,070 million
at the first call date. These notes paid a 5.186% fixed-rate coupon.
On 19 August 2015, BNP Paribas SA has issued Undated Super Subordinated Notes for an amount of
USD 1,500 million which pay a 7.375% fixed-rate coupon. The notes could be redeemed at the end of a
10-year period. If the notes are not redeemed in 2025, a 5-year dollar swap rate coupon will be paid
half-yearly. This issue is eligible to Additional Tier 1 capital.
- 101 -
The following table summarises the characteristics of these various issues:
Date of issue
Currency
Amount
(in millions of
currency units)
Coupon
payment
date
Rate and term before 1st call date
Rate after 1st call date
October 2005
EUR
1,000
annual
4.875% 6 years
4.875%
October 2005
April 2006
USD
EUR
400
549
annual
annual
6.25% 6 years
4.73% 10 years
6.250%
3-month Euribor + 1.690%
April 2006
July 2006
GBP
EUR
450
150
annual
annual
5.945% 10 years
5.45% 20 years
GBP 3-month Libor + 1.130%
July 2006
April 2007
GBP
EUR
163
638
annual
annual
5.954% 10 years
5.019% 10 years
June 2007
June 2007
USD
USD
6.5% 5 years
7.195% 30 years
6.50%
USD 3-month Libor + 1.290%
October 2007
June 2008
GBP
EUR
200
500
annual
annual
7.436% 10 years
7.781% 10 years
September 2008
December 2009
EUR
EUR
100
2
annual
quarterly
7.57% 10 years
3-month Euribor + 3.750% 10 years
December 2009
December 2009
EUR
USD
17
70
annual
quarterly
7.028% 10 years
USD 3-month Libor + 3.750% 10 years
December 2009
June 2015
USD
EUR
0.5
annual
750 semi-annual
7.384% 10 years
6.125% 7 years
EUR 5-year swap + 5.230%
August 2015
USD
1,500 semi-annual
7.375% 10 years
USD 5-year swap + 5.150%
Total euro-equivalent historical value at 31
December 2015
(1)
600
quarterly
1,100 semi-annual
7,855 (1)
Net of shares held in treasury by Group entities
BNP Paribas has the option of not paying interest due on these Undated Super Subordinated Notes if no
dividends were paid on BNP Paribas SA ordinary shares nor on Undated Super Subordinated Note
equivalents in the previous year. Interest due has to be paid in case of dividend distribution on
BNP Paribas SA ordinary shares. This clause is not stipulated in 2015 issues. Unpaid interest is not
carried forward.
The contracts relating to these Undated Super Subordinated Notes contain a loss absorption clause.
Under the terms of this clause, in the event of insufficient regulatory capital, the nominal value of the
notes may be reduced in order to serve as a new basis for the calculation of the related coupons until
the capital deficiency is made up and the nominal value of the notes is increased to its original amount.
The proceeds from these issues are recorded in equity under “Capital and retained earnings”. In
accordance with IAS 21, issues denominated in foreign currencies are recognised at their historical
value based on their translation into euros at the issue date. Interest on the instruments is treated in
the same way as dividends.
At 31 December 2015, the BNP Paribas Group held EUR 25 million of Undated Super Subordinated
Notes which were deducted from shareholders’ equity.
- 102 -

Earnings per share
Basic earnings per share are calculated by dividing the net income for the period attributable to holders
of ordinary shares by the weighted average number of ordinary shares outstanding during the period.
The net income attributable to ordinary shareholders is determined by deducting the net income
attributable to holders of preferred shares.
Diluted earnings per share correspond to the net income for the period attributable to holders of
ordinary shares, divided by the weighted average number of shares outstanding as adjusted for the
maximum effect of the conversion of dilutive equity instruments into ordinary shares. In-the-money
stock subscription options are taken into account in the diluted earnings per share calculation, as are
performance shares granted under the Global Share-based Incentive Plan. Conversion of these
instruments would have no effect on the net income figure used in this calculation.
Net profit / (loss) used to calculate basic and diluted earnings per ordinary share
(in millions of euros) (2)
Year to 31 Dec. 2014(1)
6,385
(83)
1,242,989,279
1,241,924,953
1,195,923
458,927
2,480,136
485,047
736,996
1,995,089
1,244,185,202
1,244,405,089
Basic earnings / (losses) per share (in euros)
5.14
(0.07)
Diluted earnings / (losses) per share (in euros)
5.13
(0.07)
Weighted average number of ordinary shares outstanding during the year
Effect of potentially dilutive ordinary shares
- Stock subscription option plan
(3)
- Performance share attribution plan (3)
Weighted average number of ordinary shares used to calculate diluted earnings per share
(1)Restated
according to the IFRIC 21 interpretation (see notes 1.a and 2).
net profit/(loss) used to calculate basic and diluted earnings per share is the net profit/(loss) attributable to equity shareholders, adjusted for the remuneration on the
Undated Super Subordinated Notes issued by BNP Paribas SA (treated as preferred share equivalents), which for accounting purposes is handled as dividends, as well as
the related foreign exchange impact recognised directly in shareholders' equity.
(3)See note 7.e Share-based payments for the description of share-based plans and performance share attribution plans.
(2)The
The dividend per share paid in 2015 out of the 2014 net income amounted to EUR 1.50, unchanged as
compared with the dividend paid in 2014 out of the 2013 net income.
- 103 -
8.b
CONTINGENT LIABILITIES: LEGAL PROCEEDINGS AND ARBITRATION
The Bank and certain of its subsidiaries are defendants in several actions pending before the United
States Bankruptcy Court Southern District of New York brought by the Trustee appointed for the
liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”). These actions, known generally
as “clawback claims”, are similar to those brought by the BLMIS Trustee against numerous institutions,
and seek recovery of amounts allegedly received by the BNP Paribas entities from BLMIS or indirectly
through BLMIS-related “feeder funds” in which BNP Paribas entities held interests. The BLMIS Trustee
claims in these actions that the amounts which BNP Paribas entities received are avoidable and
recoverable under the U.S. Bankruptcy Code and New York state law. In the aggregate, the amount
sought to be recovered in these actions approximates USD 1.3 billion. BNP Paribas has substantial and
credible defenses to these actions and is defending against them vigorously.
Various litigations and investigations are ongoing relating to the restructuring of the Fortis group, now
Ageas, of which BNP Paribas Fortis is no longer part, and to events having occurred before BNP Paribas
Fortis became part of the BNP Paribas Group. Among these are litigations brought by shareholder
groups in The Netherlands and Belgium against Ageas and, among others, against BNP Paribas Fortis,
in relation to its role as global coordinator of Fortis (now Ageas)'s capital increase in October 2007 to
partly finance its acquisition of ABN Amro Bank N.V. These shareholder groups mainly allege that there
has been a breach in the financial communication, as, inter alia, the disclosure regarding the exposure
to subprime mortgages. Courts of Appeal’s decisions found Ageas liable for mismanagement regarding
its communication. BNP Paribas Fortis is not a party to these cases.
Litigation was also brought in Belgium by minority shareholders of Fortis against the Société fédérale de
Participations et d’Investissement, Ageas and BNP Paribas seeking (amongst other things) damages from
BNP Paribas as restitution for part of the BNP Paribas Fortis shares that were contributed to BNP
Paribas in 2009, on the ground that the transfer of these shares was null and void.
The Bank is vigorously defending itself in these proceedings.
If these proceedings were nonetheless to succeed, they could have a financial impact on the Group.
Such impact is unquantifiable at this stage but could be significant.
Regulatory and law enforcement authorities in multiple jurisdictions are conducting investigations or
making inquiries of a number of financial institutions regarding trading on the foreign exchange
markets, including, among other things, possible collusion among financial institutions to manipulate
certain benchmark currency exchange rates. The Bank has to date received requests for information in
this respect from regulatory and law enforcement authorities in the United Kingdom, the United States
and several countries in the Asia-Pacific region as well as from the European Competition Commission.
The Bank is cooperating with the investigations and inquiries and responding to the information
requests. In November 2014 the Financial Conduct Authority in the United Kingdom, in December 2014
the Hong Kong Monetary Authority and in October 2015, the Financial Services Agency in Japan
informed the Bank that they had discontinued their investigation as to BNP Paribas. Moreover the Bank
is conducting its own internal review of foreign exchange trading. While this review is ongoing, the Bank
is not in a position to foresee the outcome of these investigations and proceedings nor their potential
impact.
The Bank, along with a number of other financial institutions, was named as a defendant in several
consolidated civil class actions which were filed starting in March 2014 in the U.S. District Court of
New York on behalf of purported classes of plaintiffs alleging manipulation of foreign exchange markets.
It is worth noting that US antitrust proceedings provide for joint and several liability of all defendants.
Without acknowledging liability, the Bank along with several of its co-defendants reached an agreement
with plaintiffs to settle this consolidated civil class action. In December 2015, the U.S. District Court of
New York issued a preliminary settlement order approving the settlement agreement entered into by the
Bank in an amount of USD 115 million.
In connection with the European Commission’s investigation into purported anti-competitive conduct in
the Credit Default Swaps (“CDS”) market between a number of investment banks including BNP Paribas
(the closure of which was announced by the European Commission on December 4, 2015), several class
actions lawsuits were filed in U.S. courts against such parties. It is worth noting that US antitrust
proceedings provide for joint and several liability of all defendants. Without acknowledging liability, the
Bank and its co-defendants reached an agreement with the plaintiffs to settle these class actions. In
October 2015, the U.S. District Court of New York issued a preliminary settlement order approving the
settlement agreement entered into by the Bank in an amount of USD 89 million.
- 104 -
8.c

BUSINESS COMBINATIONS
Operations realised in 2015

General Electric European Fleet Services business
Arval, the BNP Paribas subsidiary specialised in corporate vehicle leasing, has purchased on
2 November 2015 the European Fleet Services business of General Electric Capital.
This acquisition strengthens significantly the strategic positioning of Arval in Europe, and leads to a
EUR 2.7 billion increase of the Group’s balance sheet. In particular, “Property, plant, equipment and
intangible assets” rose by EUR 2.3 billion and debts “due to the credit institutions” by EUR 1.4 billion.
The goodwill on this operation amounts to EUR 249 million.

Operations realised in 2014

LaSer group
On 25 July 2014, BNP Paribas Personal Finance acquired the 50% interest held by its partner, the
Galeries Lafayette group, in the LaSer group, previously consolidated under the equity method. This
acquisition is linked to the decision of the Galeries Lafayette group to exercise its sale option under the
partnership agreements. The parties are involved in an arbitration.
Following this acquisition, the BNP Paribas Group took control of the LaSer group, and the latter is fully
consolidated.
The change in the consolidation method had a EUR 63 million impact on the Group’s profit and loss
account for the year ended 31 December 2014. The goodwill for the LaSer group amounts to
EUR 125 million.
The Group's balance sheet increased by EUR 2.9 billion as a result of this additional acquisition with
change of control; “Loans and receivables”, in particular, rose by EUR 2.2 billion.

Bank BGŻ
Following a takeover bid during the second half of 2014 (finalised on 17 October 2014), BNP Paribas
acquired an 88.98% interest in Bank BGŻ, 88.64% of which was contributed by Rabobank. As a result
of this transaction, Bank BGŻ is fully consolidated by the BNP Paribas Group.
Goodwill for Bank BGŻ amounts to EUR 136 million.
A squeeze-out for the remaining 1.02% minority interest was launched on 23 December 2014 and
completed on 7 January 2015. As at 31 December 2014, this commitment was recognised in liabilities
in respect of the minority shareholders.
This acquisition added EUR 8.7 billion to the Group's balance sheet. In particular, “Loans and
receivables due from customers” rose by EUR 7.1 billion and amounts due to customers increased by
EUR 7.6 billion.
Bank BGŻ is a Polish credit institution which specialises in the food and agricultural sector.

DAB Bank
BNP Paribas acquired a 91.7% stake in DAB Bank in the second half of 2014, following an agreement
with Unicredit and a takeover bid finalised on 17 December 2014. 81.4% was contributed by Unicredit.
As a result of this transaction, DAB Bank is fully consolidated by the BNP Paribas Group.
Goodwill arising from the transaction amounts to EUR 169 million.
The effect of this acquisition was to increase the Group's balance sheet by EUR 5.3 billion, with notably
EUR 3.4 billion added to “Available-for-sale financial assets” and EUR 5.2 billion to amounts “Due to
customers”.
- 105 -
This acquisition strengthens the digital banking activity in Germany, and also lays the foundations for
the expansion of the bank's retail business in Austria.

RCS
BNP Paribas Personal Finance acquired RCS Investments Holdings on 6 August 2014. As a result of
this transaction, RCS is fully consolidated by the BNP Paribas Group.
Goodwill for RCS amounts to EUR 39 million.
As a result of this acquisition, the Group's balance sheet rose by EUR 251 million at the acquisition
date, with, in particular, “Loans and receivables due from customers” increasing by EUR 338 million.
RCS is a South-African consumer finance institution which develops retail credit cards with distributors
and grants individual loans.
- 106 -
8.d

MINORITY INTERESTS
Main minority interests
The assessment of the material nature of minority interests is based on the contribution of the relevant
subsidiaries to the Group balance sheet (before elimination of intra-group balances and transactions)
and to the Group profit and loss account.
31 December 2015
Total assets before
elimination of
intra-group
transactions
Year to 31 Dec.2015
Revenues
Net income
Net income and
changes in
assets and
Minority
liabilities
shareholders'
recognised
interest (%)
directly in
equity
Contribution of the entities
belonging to the BGL BNP Paribas
group
67,485
1,534
463
164
158
69
Other minority interests
186
182
62
TOTAL
350
340
131
31 December 2014
Total assets before
elimination of
intra-group
transactions
453
Net income and
changes in
assets and
Net income
liabilities
Dividends paid
attributable to
recognised
to minority
minority
directly in
shareholders
interests
equity attributable to
minority
interests
34%
Year to 31 Dec.2014
Revenues
Net income
Net income and
changes in
assets and
Minority
liabilities
shareholders'
recognised
interest (%)
directly in
equity
In millions of euros (1)
Contribution of the entities
belonging to the BGL BNP Paribas
group
163
245
59
Other minority interests
187
243
48
TOTAL
350
488
107
(1)Restated
63,917
1,546
437
668
34%
Net income and
changes in
assets and
Net income
liabilities
Dividends paid
attributable to
recognised
to minority
minority
directly in
shareholders
interests
equity attributable to
minority
interests
There are no particular contractual restrictions on the assets of the BGL BNP Paribas Group related to
the presence of the minority shareholder.
- 107 -
Internal restructuring that led to a change in minority shareholders’ interest in the equity of
subsidiaries

No significant internal restructuring operation occurred during the year ended 31 December 2015, nor
during the year ended 31 December 2014.

Acquisitions of additional interests and partial sales of interests leading to changes in
minority interests in the equity of subsidiaries
31 December 2015
Attributable to
shareholders
31 December 2014
Minority
interests
Attributable to
shareholders
Minority
interests
BNP Paribas Bank Polska
BNP Paribas Bank Polska SA realised a capital increase, fully subscribed by
external investors. The Group's interest in this entity decreased from 99.83% to
84.94%.
Turk Ekonomi Bankasi
BNP Paribas Fortis Yatirimlar Holding bought out minority shareholders'
interests representing 1.01% of the capital, lifting its interest pourcentage of
Turk Ekonomi Bankasi AS to 69.48%
(15)
67
16
(35)
Other
(3)
(4)
11
(11)
Total
(3)
(4)
12
21

Commitments to repurchase minority shareholders’ interests
In connection with the acquisition of certain entities, the Group granted minority shareholders put
options on their holdings.
The total value of these commitments, which are recorded as a reduction in shareholders’ equity,
amounts to EUR 707 million at 31 December 2015, compared with EUR 853 million at 31 December
2014.
- 108 -
COMPENSATION AND BENEFITS AWARDED TO THE GROUP’S CORPORATE OFFICERS
8.e
The remuneration and benefits policy relating to the Group’s corporate officers, as well as the detailed
information on an individual basis, will be presented in chapter 2 Corporate Governance of the
registration document.

Remuneration and benefits awarded to the Group’s corporate officers
Gross remuneration, including Directors' fees and benefits in kind
- payable for the year
- paid during the year
€6,461,946
€4,739,014
€6,378,790
€7,925,248
€210,272
€1,395
€261,438
€1,857
Welfare benefits: premiums paid by BNP Paribas during the year
€10,284
€13,692
Stock subscription options
- value of stock options granted during the year
- number of options held at 31 December
Nil
321,193
Nil
966,287
Nil
Nil
Nil
7,000
€557,760
€621,000
Retirement bonuses: present value of the benefit obligation (payroll taxes excluded)
Defined contribution pension plan : contributions paid by BNP Paribas during the year
Performance shares
- value of shares granted during the year
- number of shares held at 31 December
Long-term compensation
- fair value at grant date (*)
(*) Valuation according to the method described in note 1.i.
As at 31 December 2015, no corporate officer is eligible to a contingent collective defined-benefit top-up
pension plan.

Directors’ fees paid to members of the board of directors
The directors’ fees paid in 2015 to all members of the Board of Directors amount to EUR 974,999,
compared with EUR 975,001 paid in 2014. The amount paid in 2015 to members other than corporate
officers was EUR 880,257, compared with EUR 866,865 in 2014.

Remuneration and benefits awarded to directors representing the employees
In euros
Gross remuneration paid during the year
Directors' fees (paid to the trade unions)
Premiums paid by BNP Paribas during the year into schemes related to Garantie Vie
Professionnelle Accidents benefits and healthcare expense coverage
Contributions paid by BNP Paribas during the year into the defined-contribution plan

76,660
117,557
87,681
120,081
1,366
1,707
672
697
Loans, advances and guarantees granted to the Group’s corporate officers
At 31 December 2015, the total outstanding loans granted directly or indirectly to the Group’s corporate
officers and their spouses amounted to EUR 1,045,637 (EUR 1,352,551 at 31 December 2014). These
loans representing normal transactions were carried out on an arm’s length basis.
- 109 -
8.f
OTHER RELATED PARTIES
Other related parties of the BNP Paribas Group comprise consolidated companies (including entities
consolidated under the equity method) and entities managing post-employment benefit plans offered to
Group employees (except for multi-employer and multi-industry schemes).
Transactions between the BNP Paribas Group and related parties are carried out on an arm’s length
basis.
RELATIONS BETWEEN CONSOLIDATED COMPANIES
A list of companies consolidated by the BNP Paribas Group is provided in note 8.h “Scope of
consolidation”. Transactions and outstanding balances between fully-consolidated entities are
eliminated. The tables below show transactions with entities accounted for under the equity method.
 Outstanding balances of related-party transactions:
31 December 2015
Joint ventures
31 December 2014
Associates (1)
Joint ventures
Associates (1)
ASSETS
Loans, advances and securities
On demand accounts
101
Loans
4,156
Securities
51
3,585
4,548
1,102
2
1,229
19
10
56
258
12
2
38
10
5,287
4,002
5,791
2,182
225
403
152
209
45
2,575
36
2,655
-
-
-
1
19
78
-
29
289
3,056
188
2,894
2,781
2,162
3,265
3,044
2
77
-
1,485
2,783
2,239
3,265
4,529
Securities held in the non-trading portfolio
Other assets
Total
2,083
LIABILITIES
Deposits
On demand accounts
Other borrowings
Debt securities
Other liabilities
Total
FINANCING COMMITMENTS AND GUARANTEE COMMITMENTS
Total
(1)
Including controlled but non material entities consolidated under the equity method.
The Group also carries out trading transactions with related parties involving derivatives (swaps,
options and forwards, etc.) and financial instruments purchased or underwritten and issued by them
(equities, bonds, etc.).
- 110 -

Related-party profit and loss items:
Joint ventures
Interest income
Associates (1)
38
Services provided
Services received
Associates (1)
74
136
141
(1)
(72)
4
(4)
509
(45)
5
(36)
379
(34)
1
22
(26)
1
15
Lease income
7
Total
(1)
Joint ventures
(24)
Interest expense
Commission income
Commission expense
39
517
6
105
435
Including controlled but non material entities consolidated under the equity method.
GROUP ENTITIES MANAGING CERTAIN POST-EMPLOYMENT BENEFIT PLANS OFFERED TO GROUP
EMPLOYEES
In Belgium, BNP Paribas Fortis funds a number of pension schemes managed by AG Insurance in
which the BNP Paribas Group has a 25% equity interest.
In other countries, post-employment benefit plans are generally managed by independent fund
managers or independent insurance companies, and occasionally by Group companies (in particular
BNP Paribas Asset Management, BNP Paribas Cardif, Bank of the West and First Hawaiian Bank). In
Switzerland, a dedicated foundation manages pension plans for BNP Paribas Switzerland’s employees.
At 31 December 2015, the value of plan assets managed by Group companies or by companies over
which the Group exercises significant influence was EUR 3,884 million (EUR 3,684 million as at 31
December 2014). Amounts received by Group companies in the year to 31 December 2015 totalled
EUR 4.3 million, and were mainly composed of management and custody fees (EUR 4.1 million in
2014).
- 111 -
8.g
FAIR VALUE OF FINANCIAL INSTRUMENTS CARRIED AT AMORTISED COST
The information supplied in this note must be used and interpreted with the greatest caution for the
following reasons:
-
These fair values are an estimate of the value of the relevant instruments as at 31 December 2015.
They are liable to fluctuate from day to day as a result of changes in various parameters, such as
interest rates and credit quality of the counterparty. In particular, they may differ significantly from
the amounts actually received or paid on maturity of the instrument. In most cases, the fair value
is not intended to be realised immediately, and in practice might not be realised immediately.
Consequently, this fair value does not reflect the actual value of the instrument to BNP Paribas as
a going concern;
-
Most of these fair values are not meaningful, and hence are not taken into account in the
management of the commercial banking activities which use these instruments;
-
Estimating a fair value for financial instruments carried at historical cost often requires the use of
modelling techniques, hypotheses and assumptions that may vary from bank to bank. This means
that comparisons between the fair values of financial instruments carried at historical cost as
disclosed by different banks may not be meaningful;
-
The fair values shown below do not include the fair values of finance lease transactions, nonfinancial instruments such as property, plant and equipment, goodwill and other intangible assets
such as the value attributed to demand deposit portfolios or customer relationships. Consequently,
these fair values should not be regarded as the actual contribution of the instruments concerned to
the overall valuation of the BNP Paribas Group.
Estimated fair value
Carrying value
31 December 2015
Level 1
Level 2
Level 3
Total
FINANCIAL ASSETS
(1)
Held-to-maturity financial assets (note 5.j)
43,337
45
43,382
43,427
694
50,272
615,589
666,555
655,898
8,866
152
9,018
7,757
FINANCIAL LIABILITIES
Due to credit institutions (note 5.f)
84,386
84,386
84,146
701,207
701,207
700,309
50,334
110,580
160,914
159,447
8,281
8,061
16,342
16,544
Due to customers (note 5.g)
(1)
Finance leases excluded
- 112 -
Estimated fair value
Carrying value
at 31 December 2014
Level 1
Level 2
Level 3
Total
FINANCIAL ASSETS
43,299
25
43,324
43,348
Loans and receivables due from customers (note 5.g) (1)
62,751
580,189
642,940
631,189
113
82
10,401
8,965
10,206
FINANCIAL LIABILITIES
Due to credit institutions (note 5.f)
90,729
90,729
90,352
643,156
643,156
641,549
79,463
109,805
189,268
187,074
5,116
8,579
13,695
13,936
Due to customers (note 5.g)
(1)
Finance leases excluded
The valuation techniques and assumptions used by BNP Paribas ensure that the fair value of financial
assets and liabilities carried at amortised cost is measured on a consistent basis throughout the Group.
Fair value is based on prices quoted in an active market when these are available. In other cases, fair
value is determined using valuation techniques such as discounting of estimated future cash flows for
loans, liabilities and held-to-maturity financial assets, or specific valuation models for other financial
instruments as described in note 1, “Summary of significant accounting policies applied by the
BNP Paribas Group”. The description of the fair value hierarchy levels is also presented in the
accounting principles (note 1.c.10). In the case of loans, liabilities and held-to-maturity financial assets
that have an initial maturity of less than one year (including demand deposits) or of most regulated
savings products, fair value equates to carrying amount. These instruments have been classified in
Level 2, except for loans to customers, which are classified in Level 3.
- 113 -
8.h
SCOPE OF CONSOLIDATION
31 December 2015
Name
BNP Paribas SA
Country
Method
Voting
(%)
Interest
(%)
31 December 2015
31 December 2014
Ref.
Method
Voting
(%)
Interest
(%)
Name
Ref.
Argentina
Full
100%
100%
Full
100%
100%
BGL BNP Paribas
BNP Paribas SA (Australia branch)
Australia
Full
100%
100%
Full
100%
100%
BGL BNP Paribas (Germany branch)
BNP Paribas SA (Bahrain branch)
Bahrain
Full
100%
100%
Full
100%
100%
BGL BNP Paribas Factor SA
BNP Paribas SA (Belgium branch)
Belgium
Full
100%
100%
Full
100%
100%
BNP Paribas Lease Group Luxembourg SA
BNP Paribas SA (Bulgaria branch)
Bulgaria
Full
100%
100%
Full
100%
100%
Cofhylux SA
BNP Paribas SA (Canada branch)
Canada
Full
100%
100%
Full
100%
100%
Cayman Islands
Full
100%
100%
Full
100%
100%
Germany
Full
100%
100%
Full
100%
100%
Hong Kong
Full
100%
100%
Full
100%
100%
Hungary
Full
100%
100%
Full
100%
100%
India
Full
100%
100%
Full
100%
100%
Ireland
Full
100%
100%
Full
100%
Italy
Full
100%
100%
Full
BNP Paribas SA (Japan branch)
Japan
Full
100%
100%
BNP Paribas SA (Jersey branch)
Jersey
Full
100%
100%
BNP Paribas SA (China branch)
BNP Paribas SA (Germany branch)
BNP Paribas SA (Hong Kong branch)
BNP Paribas SA (Hungary branch)
BNP Paribas SA (India branch)
BNP Paribas SA (Ireland branch)
BNP Paribas SA (Italy branch)
Method
Voting
(%)
Interest
(%)
Full
66,0%
65,9%
Full
66,0%
65,9%
Germany
Full
100%
65,9%
Full
100%
65,9%
Full
100%
65,9%
Full
100%
65,9%
Luxembourg
Full
100%
65,9%
Full
100%
65,9%
Luxembourg
Full
100%
65,9%
Full
100%
65,9%
Luxembourg
Full
Full
-
-
Artigiancassa SPA
Italy
Full
73,9%
73,9%
Full
73,9%
73,9%
Banca Nazionale del Lavoro SPA
Italy
Full
100%
100%
Full
100%
BNL Finance SPA
Italy
Full
100%
100%
Full
100%
100%
100%
BNL Positivity SRL
Italy
Full
51,0%
51,0%
Full
51,0%
51,0%
100%
100%
Business Partners Italia SCPA
Italy
Full
100%
99,9%
Full
100%
100%
Full
100%
100%
International Factors Italia SPA - Ifitalia
Italy
Full
99,6%
99,6%
Full
99,6%
99,6%
Full
100%
100%
China
Société Immobilière de Monterey SA
-
-
S1
Retail Banking - Italy (BNL Banca Commerciale)
Full
100%
100%
Full
100%
100%
EMF-IT 2008-1 SRL
Italy
Full
-
-
Full
100%
100%
Full
100%
100%
Vela ABS SRL
Italy
Full
-
-
Full
100%
100%
Full
100%
100%
Vela Consumer SRL
Italy
Full
-
-
BNP Paribas SA (Monaco branch)
Monaco
Full
100%
100%
Full
100%
100%
Vela Home SRL
Italy
Full
-
Netherlands
Full
100%
100%
Full
100%
100%
Vela Mortgages SRL
Italy
Full
Full
100%
100%
Vela OBG SRL
Italy
Full
S1
V3
100%
Full
-
-
Full
-
-
-
Full
-
-
-
-
Full
-
-
-
-
Full
-
-
E2
BNP Paribas SA (Norway branch)
Norway
BNP Paribas SA (Panama branch)
Panama
Full
100%
100%
Full
100%
100%
Vela Public Sector SRL
Italy
Full
-
-
Full
-
-
Philippines
Full
100%
100%
Full
100%
100%
Vela RMBS SRL
Italy
Full
-
-
Full
-
-
BNP Paribas SA (Poland branch)
Poland
Full
100%
100%
Full
100%
100%
BNP Paribas SA (Portugal branch)
Portugal
Full
100%
100%
Full
100%
100%
Qatar
Full
100%
100%
Full
100%
100%
Artel
France
Equity *
100%
100%
E1
Rep. of Korea
Full
100%
100%
Full
100%
100%
Arval AB
Sweden
Equity *
100%
100%
E2
BNP Paribas SA (Saudi Arabia branch)
Saudi Arabia
Full
100%
100%
Full
100%
100%
Arval AS
Denmark
Equity *
100%
100%
Equity *
100%
100%
BNP Paribas SA (Singapore branch)
Singapore
Full
100%
100%
Full
100%
100%
Arval Austria GmbH
Austria
Equity *
100%
100%
Equity *
100%
100%
BNP Paribas SA (South Africa branch)
South Africa
Full
100%
100%
Full
100%
100%
Arval Belgium SA
Belgium
Full
100%
100%
Full
100%
100%
Spain
Full
100%
100%
Full
100%
100%
Arval Benelux BV
Netherlands
Full
100%
100%
Full
100%
100%
BNP Paribas SA (Taiwan branch)
Taiwan
Full
100%
100%
Full
100%
100%
Arval Brasil Ltda.
Brazil
Full
100%
100%
Full
100%
100%
BNP Paribas SA (Thailand branch)
Thailand
Full
100%
100%
Full
100%
100%
Arval BV
Netherlands
Full
100%
100%
Full
100%
100%
U.S.A
Full
100%
100%
Full
100%
100%
Arval China Co Ltd.
China
Equity
40,0%
40,0%
Equity *
100%
100%
UK
Full
100%
100%
Full
100%
100%
Arval CZ SRO
Czech Republic
Full
100%
100%
Full
100%
100%
Germany
Full
100%
100%
Full
100%
100%
Equity *
100%
100%
BNP Paribas SA (Spain branch)
BNP Paribas SA (U.S.A branch)
BNP Paribas SA (UK branch)
BNP Paribas SA (United Arab Emirates branch)
BNP Paribas SA (Viet Nam branch)
United Arab
Emirates
Full
100%
100%
Full
100%
100%
Viet Nam
Full
100%
100%
Full
100%
100%
Arval Deutschland GmbH
Domestic Markets
France
Arval Hellas Car Rental SA
Greece
Equity *
100%
100%
Equity *
100%
100%
Arval India Private Ltd.
India
Equity *
100%
100%
Equity *
100%
100%
Arval Italy Fleet Services SRL
Italy
Full
100%
100%
Luxembourg
Equity *
100%
100%
Equity *
100%
Arval Magyarorszag KFT
Hungary
Equity *
100%
100%
Equity *
100%
100%
Arval Maroc SA
Morocco
Equity *
100%
88,9%
Equity *
100%
89,0%
Russia
Full
100%
100%
Full
100%
100%
Arval OOO
Retail Banking - France
France
Full
BNP Paribas Developpement
France
Full
BNP Paribas Factor
France
Full
Spain
Full
BNP Paribas Factor AS
Denmark
BNP Paribas Factor Portugal
100%
100%
Equity *
100%
100%
100%
100%
Equity *
100%
100%
Arval Service Lease
France
Full
100%
100%
Full
100%
100%
100%
Arval Service Lease Aluger Operational
Automoveis SA
Portugal
Equity *
100%
100%
Equity *
100%
100%
100%
100%
Arval Service Lease Italia SPA
Italy
Full
100%
100%
Full
100%
100%
(1)
100%
100%
Arval Service Lease Polska SP ZOO
(1)
100%
100%
Arval Service Lease Romania SRL
Full
(1)
100%
100%
Arval Service Lease SA
100%
Full
(1)
100%
100%
100%
Full
(1)
100%
100%
(1)
100%
100%
Full
(1)
100%
100%
Full
Equity *
100%
99,9%
Portugal
Full
100%
100%
Full
BNP Paribas Guadeloupe
France
Full
(1)
100%
100%
Full
BNP Paribas Guyane
France
Full
(1)
100%
100%
Full
BNP Paribas Martinique
France
Full
(1)
100%
100%
BNP Paribas Nouvelle Caledonie
France
Full
(1)
100%
BNP Paribas Réunion
France
Full
(1)
100%
Société Alsacienne de développement et
d'expansion
France
Full
100%
Arval Oy
100%
Arval Schweiz AG
(1)
100%
100%
(1)
100%
(1)
E1
65,9%
Full
100%
65,9%
Poland
Full
100%
100%
Full
100%
100%
Romania
Equity *
100%
100%
Equity *
100%
100%
Spain
Full
100%
100%
Full
100%
100%
Arval Slovakia
Slovakia
Equity *
100%
100%
Equity *
100%
100%
Arval Trading
France
Equity *
100%
100%
Equity *
100%
100%
Arval UK Group Ltd.
UK
Full
100%
100%
Full
100%
100%
Arval UK Ltd.
UK
Full
100%
100%
Full
100%
100%
Equity *
100%
100%
Autovalley
BNP Paribas Fleet Holdings Ltd.
Retail Banking - Belgium
Alpha Card SCRL (Group)
Belgium
Equity
50,0%
50,0%
Belgian Mobile Wallet
Belgium
Equity
20,0%
20,0%
UK
Full
100%
Netherlands
Full
Germany
Full
BNP Paribas Commercial Finance Ltd.
BNP Paribas Factor Deutschland BV
BNP Paribas Factor GmbH
BNP Paribas Factoring Coverage Europe Holding
NV
100%
Equity *
Full
51,0%
V3
Equity *
Full
100%
100%
E3
Finland
51,0%
100%
51,0%
S4
Switzerland
51,0%
BNP Paribas Factor (Spain branch)
(1)
V3
Arval ECL
Arval Luxembourg SA
Banque de Wallis et Futuna
Cofiparc
Equity
50,0%
50,0%
Equity
33,2%
33,2%
99,9%
Full
100%
99,9%
GE Auto Service Leasing GmbH [Austria]
100%
99,9%
Full
100%
99,9%
GE Capital Largo Plazo SL
100%
99,9%
Full
100%
99,9%
GE Commercial Finance Fleet Services Ltd.
V3
V2&V3
GE Auto Service Leasing GmbH
France
S4
UK
Full
100%
100%
Full
100%
100%
France
Full
100%
100%
Full
100%
100%
Germany
Full
100%
100%
E3
Austria
Equity *
100%
100%
E3
Spain
100%
100%
Full
100%
100%
E3
UK
Full
100%
100%
E3
Netherlands
Full
100%
100%
E3
General Electric Capital Fleet Services FR
France
Full
100%
100%
E3
100%
100%
GE Fleet Services BV
Netherlands
Full
100%
99,9%
Full
100%
99,9%
BNP Paribas Fortis
Belgium
Full
99,9%
99,9%
Full
99,9%
99,9%
Greenval Insurance Company Ltd.
Ireland
Full
BNP Paribas Fortis (Austria branch)
Austria
Full
100%
99,9%
Full
100%
99,9%
Itelcar - Automoveis de Aluguer, Unipessoal, Lda.
Portugal
Equity *
100%
100%
E3
Full
100%
99,9%
Locadif
Belgium
Full
100%
100%
E3
Public Location Longue Durée
France
Equity *
100%
100%
Equity *
100%
100%
TEB Arval Arac Filo Kiralama AS
Turkey
Full
100%
75,0%
Full
100%
75,0%
Belgium
Full
100%
83,0%
Full
100%
83,0%
UK
Full
100%
83,0%
Full
100%
83,0%
Austria
Equity *
100%
83,0%
Equity *
100%
83,0%
Germany
Equity *
100%
83,0%
Equity *
France
Full
51,0%
42,3%
BNP Paribas Fortis (Cayman Islands branch)
Cayman Islands
BNP Paribas Fortis (Czech Republic branch)
Czech Republic
Full
100%
99,9%
Full
100%
99,9%
Denmark
Full
100%
99,9%
Full
100%
99,9%
Finland
Full
100%
99,9%
Full
100%
99,9%
BNP Paribas Fortis (Denmark branch)
BNP Paribas Fortis (Finland branch)
BNP Paribas Fortis (Germany branch)
S1
Full
100%
99,9%
Full
100%
99,9%
Full
100%
99,9%
Full
100%
99,9%
Ace Equipment Leasing
Norway
Full
100%
99,9%
Full
100%
99,9%
Ace Leasing
Belgium
BNP Paribas Fortis (Romania branch)
Romania
Full
100%
99,9%
Full
100%
99,9%
Agrilease BV
Netherlands
Spain
Full
100%
99,9%
Full
100%
99,9%
Albury Asset Rentals Ltd.
Sweden
Full
100%
99,9%
Full
100%
99,9%
All In One Vermietung GmbH
U.S.A
Full
BNP Paribas Fortis (Sweden branch)
BNP Paribas Fortis (U.S.A branch)
S3
Full
100%
99,9%
100%
99,9%
Full
100%
99,9%
All In One Vermietungsgesellschaft für
Telekommunicationsanlagen MBH
Full
100%
99,9%
Full
100%
99,9%
Aprolis Finance
Luxembourg
Full
100%
99,9%
Full
100%
99,9%
Aprolis Finance (Romania branch)
Bpost banque
Belgium
Equity
50,0%
50,0%
Equity
50%
50,0%
Arius
France
Full
100%
Demetris NV
Belgium
Equity *
100%
99,9%
Equity *
100%
99,9%
Artegy
France
Full
Immobilière Sauvenière SA
100%
99,9%
Equity *
100%
99,9%
Artegy Ltd.
BNP Paribas Fortis Factor NV
BNP Paribas Fortis Funding SA
UK
S1
(3)
(3)
(2)
S4
Belgium
BNP Paribas Fortis (UK branch)
Full
Leasing Solutions
Germany
Netherlands
BNP Paribas Fortis (Spain branch)
(2)
E2
BNP Paribas Fortis (Norway branch)
BNP Paribas Fortis (Netherlands branch)
E2
Arval
BNP Paribas SA (Republic of Korea branch)
BNP Paribas SA (Qatar branch)
E2
Special Purpose Entities
Kuwait
BNP Paribas SA (Philippines branch)
Ref.
E2
Malaysia
BNP Paribas SA (Netherlands branch)
Interest
(%)
Luxembourg
Luxembourg
BNP Paribas SA (Luxembourg branch)
Voting
(%)
Method
Luxembourg
BNP Paribas SA (Malaysia branch)
BNP Paribas SA (Kuwait branch)
31 December 2014
Ref.
Retail Banking - Luxembourg
France
BNP Paribas SA (Argentina branch)
BNP Paribas SA (Cayman Islands branch)
Country
Belgium
Equity *
BASS Master Issuer NV
Belgium
Full
-
-
Full
-
-
BNP Paribas Lease Group (Rentals) Ltd.
Esmée Master Issuer
Belgium
Full
-
-
Full
-
-
BNP Paribas Lease Group BPLG
BNP Paribas Finansal Kiralama AS
100%
83,0%
Full
51,0%
42,3%
Equity *
100%
42,3%
83,0%
Full
100%
83,0%
100%
83,0%
Full
100%
83,0%
Equity *
Romania
S1
D1
UK
Equity *
100%
83,0%
100%
83,0%
D1
Turkey
Full
100%
82,5%
Full
100%
82,4%
V1
UK
Full
100%
83,0%
Full
100%
83,0%
France
Full
100%
83,0%
Full
100%
83,0%
(1)
V4
(1)
Changes in the scope of consolidation
New entries (E) in the scope of consolidation
E1
Passing qualifying thresholds as defined by the Group (see note 1.b)
E2
Incorporation
E3
Purchase, gain of control or significant influence
Removals (S) from the scope of consolidation
S1
Cessation of activity (including dissolution, liquidation)
S2
Disposal, loss of control or loss of significant influence
S3
Entities removed from the scope because < qualifying thresholds (see note 1.b)
S4
Merger, Universal transfer of assets and liabilities
Variance (V) in voting or ownership interest
V1
Additional purchase
V2
Partial disposal
V3
Dilution
V4
Increase in %
Equity * Controlled but non material entities consolidated under the equity method as associates
Miscellaneous
D1
Consolidation method change not related to fluctuation in voting or ownership interest
D2
90 Construction-Sale Companies (Real Estate programmes) of which 80 fully and 10 equity method consolidated
D3
The LaSer group was consolidated under the equity method until 25 July 2014. Following the additional purchase of interest by BNP Paribas Group, the LaSer group
has been fully consolidated (see note 8.c.)
Prudential scope of consolidation
(1)
(2)
(3)
- 114 -
French subsidiaries whose supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP Paribas SA, in
accordance with article 7.1 of Regulation n°575/2013 of the European Parliament and of the Council.
Entites consolidated under the equity method for prudential purposes
Jointly controlled entities under proportional consolidation for prudential purposes.
31 December 2015
Name
BNP Paribas Lease Group BPLG (Germany
branch)
Country
Voting
(%)
Interest
(%)
31 December 2014
Ref.
Voting
(%)
Method
Interest
(%)
31 December 2015
Ref.
Name
Axa Banque Financement
Country
Method
Voting
(%)
Interest
(%)
31 December 2014
Ref.
Voting
(%)
Method
Interest
(%)
France
Equity
35,0%
35,0%
Equity
35,0%
35,0%
Full
(1)
100%
83,0%
Full
(1)
100%
83,0%
Banco BNP Paribas Personal Finance SA
Portugal
Full
100%
100%
Full
100%
100%
Italy
Full
(1)
100%
83,0%
Full
(1)
100%
83,0%
Banco Cetelem Argentina SA
Argentina
Full
100%
100%
Full
100%
100%
Portugal
Full
(1)
100%
83,0%
Full
(1)
100%
83,0%
Banco Cetelem SA
Spain
Full
100%
100%
Full
100%
Spain
Full
(1)
100%
83,0%
Full
(1)
100%
83,0%
Banco Cetelem SA (ex- Banco BGN SA)
Brazil
Full
100%
100%
Full
100%
100%
BNP Paribas Lease Group IFN SA
Romania
Equity *
100%
83,0%
Equity *
100%
83,0%
Banco de Servicios Financieros SA
Argentina
Equity
40,0%
40,0%
Equity
40,0%
40,0%
BNP Paribas Lease Group KFT
Hungary
Equity *
100%
83,0%
Equity *
100%
83,0%
Banque Solféa
France
Equity
44,9%
44,9%
Equity
44,9%
44,9%
Italy
Full
100%
95,5%
Full
100%
95,5%
BGN Mercantil E Servicos Ltda.
Brazil
Equity *
100%
100%
Equity *
100%
100%
Hungary
Equity *
100%
83,0%
Equity *
100%
83,0%
Bieffe 5 SPA
France
Full
100%
100%
Full
100%
100%
100%
BNP Paribas Lease Group BPLG (Italy branch)
BNP Paribas Lease Group BPLG (Portugal branch)
BNP Paribas Lease Group BPLG (Spain branch)
BNP Paribas Lease Group Leasing Solutions SPA
BNP Paribas Lease Group Lizing RT
BNP Paribas Lease Group PLC
BNP Paribas Lease Group Polska SP ZOO
BNP Paribas Lease Group SA Belgium
Germany
Method
UK
Full
100%
83,0%
Full
100%
83,0%
BNP Paribas Personal Finance
Poland
Equity *
100%
83,0%
Equity *
100%
83,0%
Full
Belgium
Full
100%
83,0%
BNP Paribas Leasing Solutions
Luxembourg
Full
100%
83,0%
BNP Paribas Leasing Solutions Immobilier Suisse
Switzerland
S4
(3)
100%
S4
100%
83,0%
BNP Paribas Personal Finance (Czech Republic
branch)
Czech Republic
Full
100%
100%
Full
100%
83,0%
BNP Paribas Personal Finance BV
Netherlands
Full
100%
100%
Full
100%
Equity *
100%
83,0%
BNP Paribas Personal Finance EAD
Bulgaria
Full
100%
100%
Full
100%
100%
100%
Full
100%
100%
51,0%
50,8%
Full
51,0%
50,8%
40,0%
40,0%
39,2%
39,2%
UK
Full
100%
83,0%
Full
100%
83,0%
BNP Paribas Personal Finance SA de CV
Mexico
Full
BNP Paribas Leasing Solutions NV
Netherlands
Full
100%
83,0%
Full
100%
83,0%
Cafineo
France
Full
BNP Paribas Leasing Solutions Suisse SA
Switzerland
Equity *
100%
83,0%
Equity *
100%
83,0%
Carrefour Banque
France
Equity
Algeria
(1)
E2
(1)
100%
V1
Equity
S3
Equity *
Full
100%
100%
V3
Equity
26,0%
26,0%
S4
France
Full
(1)
60,1%
49,9%
Full
(1)
60,1%
49,9%
Cetelem Algérie
Germany
Full
(1)
100%
49,9%
Full
(1)
100%
49,9%
Cetelem America Ltda.
Brazil
Full
100%
100%
Italy
Full
(1)
100%
49,9%
Full
(1)
100%
49,9%
Cetelem Bank LLC
Russia
Equity
20,8%
20,8%
Poland
Full
(1)
100%
49,9%
Full
(1)
100%
49,9%
Cetelem Brasil SA
Brazil
Claas Financial Services (Spain branch)
Spain
Full
(1)
100%
49,9%
Full
(1)
100%
49,9%
Cetelem CR AS
Full
100%
100%
Claas Financial Services Inc.
U.S.A
Full
100%
49,9%
Full
100%
49,9%
Cetelem IFN
Romania
Full
100%
100%
Full
100%
100%
100%
100%
100%
Claas Financial Services (Germany branch)
Claas Financial Services (Italy branch)
Claas Financial Services (Poland branch)
Claas Financial Services Ltd.
V1&D3
Italy
BNP Paribas Leasing Solutions Ltd.
Claas Financial Services
(3)
Ref.
100%
100%
S4
Czech Republic
UK
Full
51,0%
42,3%
Full
51,0%
42,3%
Cetelem Serviços Ltda.
Brazil
Full
100%
Full
CNH Industrial Capital Europe
France
Full
(1)
50,1%
41,6%
Full
(1)
50,1%
41,6%
Cetelem Slovensko AS
Slovakia
Full
100%
100%
Full
100%
100%
CNH Industrial Capital Europe (Belgium branch)
Belgium
Full
(1)
100%
41,6%
Full
(1)
100%
41,6%
CMV Médiforce
France
Full
(1)
100%
100%
Full
(1)
100%
100%
CNH Industrial Capital Europe (Germany branch)
Germany
Full
(1)
100%
41,6%
Full
(1)
100%
41,6%
Cofica Bail
France
Full
(1)
100%
100%
Full
(1)
100%
Italy
Full
(1)
100%
41,6%
Full
(1)
100%
41,6%
Cofiplan
France
Full
(1)
100%
100%
Full
(1)
100%
100%
CNH Industrial Capital Europe (Poland branch)
Poland
Full
(1)
100%
41,6%
Full
(1)
100%
41,6%
Germany
Full
50,1%
50,1%
Full
50,1%
50,1%
CNH Industrial Capital Europe (Spain branch)
Spain
Full
(1)
100%
41,6%
Full
(1)
100%
41,6%
Communication Marketing Services - CMS
France
S4
Full
100%
100%
V1&D3
Netherlands
Full
100%
41,6%
Full
100%
41,6%
Compagnie de Gestion et de Prêts
France
S4
Full
65,0%
65,0%
V1&D3
Austria
Full
100%
41,6%
Full
100%
41,6%
Creation Consumer Finance Ltd.
UK
Full
100%
100%
Full
100%
100%
V1&D3
CNH Industrial Capital Europe Ltd.
UK
Full
100%
41,6%
Full
100%
41,6%
Creation Financial Services Ltd.
UK
Full
100%
100%
Full
100%
100%
V1&D3
Commercial Vehicle Finance Ltd.
UK
Full
100%
83,0%
Full
100%
83,0%
Creation Marketing Services Ltd.
UK
Full
100%
100%
V1&D3
ES-Finance
Belgium
Full
100%
99,9%
Full
100%
99,9%
Crédit Moderne Antilles Guyane
France
Full
(1)
100%
100%
Full
(1)
100%
100%
Fortis Lease
France
Full
100%
83,0%
Full
100%
83,0%
Crédit Moderne Océan Indien
France
Full
(1)
97,8%
97,8%
Full
(1)
97,8%
97,8%
Direct Services
(1)
(1)
CNH Industrial Capital Europe (Italy branch)
CNH Industrial Capital Europe BV
CNH Industrial Capital Europe GmbH
Fortis Lease Belgium
Fortis Lease Car & Truck
Fortis Lease Deutschland GmbH
Fortis Lease Iberia SA
Fortis Lease Operativ Lizing Zartkoruen Mukodo
Reszvenytarsasag
Belgium
(1)
(1)
E2
Commerz Finanz
S1
100%
Full
100%
83,0%
Full
100%
83,0%
Bulgaria
Full
100%
100%
Full
100%
100%
Domofinance
France
Full
55,0%
55,0%
Full
55,0%
55,0%
Germany
Equity *
100%
83,0%
Equity *
100%
83,0%
Effico
France
Full
100%
100%
Full
100%
100%
Spain
Equity *
100%
86,6%
Equity *
100%
86,6%
Effico Iberia SA
100%
Belgium
Hungary
Fortis Lease Polska Sp.zoo
Poland
Fortis Lease Portugal
Portugal
Fortis Lease Romania IFN SA
Romania
S4
Equity *
100%
83,0%
Equity *
100%
83,0%
S3
Equity *
100%
83,0%
S4
Equity *
100%
83,0%
Spain
Equity *
100%
100%
Equity *
100%
EkspresBank
Denmark
Full
100%
100%
Full
100%
100%
V1&D3
EkspresBank (Norway branch)
Norway
Full
100%
100%
Full
100%
100%
V1&D3
Eos Aremas Belgium SA NV
Belgium
Equity
50,0%
49,9%
Equity
50,0%
49,9%
S4
Full
100%
100%
S4
Full
Eurocredito EFC SA
Spain
Equity *
100%
83,0%
Facet
France
Fortis Lease UK Ltd.
UK
Equity *
100%
83,0%
Equity *
100%
83,0%
D1
Fidecom
France
Fortis Lease UK Retail Ltd.
UK
Equity *
100%
83,0%
Equity *
100%
83,0%
D1
Fidem
France
Fortis Vastgoedlease BV
Netherlands
Equity *
100%
83,0%
Equity *
100%
83,0%
D1
Fimestic Expansion SA
Heffiq Heftruck Verhuur BV
Netherlands
S3
Full
82,4%
82,4%
(1)
Full
S4
Full
(1)
100%
100%
82,4%
82,4%
100%
100%
Spain
Full
100%
100%
Full
100%
100%
100%
Findomestic Banca SPA
Italy
Full
100%
100%
Full
100%
HFGL Ltd.
UK
Full
100%
83,0%
Full
100%
83,0%
Findomestic Banka AD
Serbia
Full
100%
100%
Full
100%
100%
Humberclyde Commercial Investments Ltd.
UK
Full
100%
83,0%
Full
100%
83,0%
Humberclyde Commercial Investments N°1 Ltd.
UK
Full
100%
83,0%
Full
100%
83,0%
Gesellschaft für Capital & Vermögensverwaltung
GmbH (GCV)
Germany
Equity *
100%
99,9%
Equity *
100%
99,9%
Equity *
100%
99,9%
JCB Finance
JCB Finance (Germany branch)
JCB Finance (Italy branch)
JCB Finance (Spain branch)
France
Full
(1)
100%
41,6%
Full
(1)
100%
41,6%
Gestion et Services Groupe Cofinoga GIE
Full
100%
100%
Germany
Full
(1)
100%
41,6%
Full
(1)
100%
41,6%
Inkasso Kodat GmbH & CO KG
Equity *
100%
99,9%
Italy
Full
(1)
100%
41,6%
Full
(1)
100%
41,6%
LaSer Cofinoga
France
S4
Full
100%
100%
V1&D3
LaSer Loyalty
France
S4
Full
100%
100%
V1&D3
Full
50,1%
41,6%
LaSer SA
France
S4
Full
100%
100%
V1&D3
Equity *
100%
95,5%
Leval 20
France
Full
100%
100%
51,0%
42,3%
Loisirs Finance
France
Full
(1)
51,0%
51,0%
Full
100%
100%
(1)
51,0%
51,0%
40,0%
40,0%
Spain
S1
France
Germany
S4
JCB Finance Holdings Ltd.
UK
Full
50,1%
41,6%
Locatrice Italiana SPA
Italy
Equity *
100%
83,0%
Manitou Finance Ltd.
UK
Full
51,0%
42,3%
Full
MFF
France
Full
(1)
51,0%
42,3%
Full
(1)
51,0%
42,3%
Magyar Cetelem Bank ZRT
Hungary
Natiocrédibail
France
Full
(1)
100%
100%
Full
(1)
100%
100%
Nissan Finance Belgium NV
Belgium
Natiocrédimurs
France
Full
(1)
100%
100%
Full
(1)
100%
100%
Norrsken Finance
France
Full
Natioénergie 2
France
Equity *
100%
100%
Equity *
100%
100%
Oney Magyarorszag Zrt
Hungary
Equity
Romania
Equity *
100%
83,0%
France
Full
100%
83,0%
Full
100%
83,0%
Projeo
France
Full
100%
83,0%
Full
100%
83,0%
RCS Botswana Proprietary Ltd.
50,0%
41,5%
Equity
50,0%
41,5%
RCS Cards Proprietary Ltd.
South Africa
RCS Collections Proprietary Ltd.
South Africa
S3
RCS Home Loans Proprietary Ltd.
South Africa
S3
RCS Investment Holdings Ltd.
South Africa
RD Portofoliu SRL
Same Deutz Fahr Finance
France
Full
Same Deutz Fahr Finance Ltd.
UK
Full
SREI Equipement Finance Ltd.
India
Equity
(1)
(3)
V3
E2
Prêts et Services SAS
(1)
(3)
BNP Paribas B Institutional II Short Term
Vela Lease SRL
Belgium
Full
-
-
Italy
E1
S3
Full
-
-
Personal Investors
Cortal Consors
Cortal Consors (Germany branch)
Cortal Consors (Spain branch)
DAB Bank AG
100%
Full
(1)
51,0%
51,0%
Full
100%
100%
Full
(1)
51,0%
51,0%
Full
40,0%
40,0%
Equity
(1)
100%
100%
(1)
100%
100%
Botswana
Full
100%
Full
100%
57,4%
Hellobank BNP Paribas Austria AG (ExDirektanlage.AT AG
Austria
Portzamparc Gestion
France
Portzamparc société de Bourse
France
Full
100%
100,0%
51,0%
51,0%
D1
V4
Full
57,4%
57,4%
V1
Full
100%
91,7%
51,0%
51,0%
E3
S3
Full
(1)
Full
(1)
100%
100%
E3
E1
Equity
49,9%
49,9%
S4
Full
100%
100%
V1&D3
Poland
S1
Full
100%
100%
V1&D3
Sygma Banque (UK branch)
UK
S1
Full
100%
100%
V1&D3
Sygma Funding Two Ltd.
UK
Full
100%
100%
Full
100%
100%
V1&D3
Symag
France
Full
100%
100%
Full
100%
100%
V1&D3
TEB Tuketici Finansman AS
Turkey
Full
100%
92,8%
Full
100%
92,8%
Hungary
Full
100%
100%
Full
100%
100%
Union de Creditos Inmobiliarios - UCI (Group)
Spain
Equity
50,0%
50,0%
Equity
50,0%
50,0%
Von Essen GmbH & Co. KG Bankgesellschaft
Germany
Full
100%
99,9%
Full
100%
99,9%
UCB Ingatlanhitel RT
Full
39,9%
France
57,4%
E3
S3
37,3%
Sygma Banque (Poland branch)
Equity *
100%
Equity
Sygma Banque
India
100%
V4
E3
Geojit Technologies Private Ltd.
E3
Full
100%
S4
V1
100%
100%
49,9%
34,4%
100%
Equity *
49,9%
34,4%
E3
Full
D1
Equity
Equity
E3
100%
100%
India
34,4%
100%
100%
100%
Sundaram BNP Paribas Home Finance Ltd.
34,4%
E3
100%
Full
Full
S4
Equity
100%
Full
France
Germany
91,7%
51,0%
100%
Retail Mobile Wallet
40,0%
91,7%
100%
51,0%
Namibia
37,3%
Full
100%
(1)
Full
RCS Investment Holdings Namibia Proprietary Ltd.
Equity
S4
(1)
Full
S3
100%
Spain
Spain
Full
V1
100%
Servicios Financieros Carrefour EFC SA
Germany
V1&D3
S4
S4
India
(3)
(3)
Germany
S4
Full
-
-
E3
Autonoria 2012 - 1
France
Autonoria 2012 - 2
France
Full
-
Autonoria 2014
France
Full
-
UK
Full
Domos 2011 - A et B
France
FCC Domos 2008
France
Cofinoga Funding Two LP
BNP Paribas Personal Finance
Alpha Crédit SA
100%
France
Geojit BNP Paribas Financial Services Ltd.
(Group)
DAB Bank AG (Ex- BNP Paribas
Beteiligungsholding AG)
V1&D3
Belgium
Full
100%
99,9%
Full
100%
S1
Full
-
-
-
Full
-
-
-
Full
-
-
E2
-
-
Full
-
-
V1&D3
Full
-
-
Full
-
-
Full
-
-
Full
-
-
99,9%
E1
E2
Incorporation
E3
S1
S2
S3
S4
V1
Additional purchase
V2
Partial disposal
V3
Dilution
V4
Increase in %
Miscellaneous
D1
D2
D3
(1)
(2)
(3)
- 115 -
31 December 2015
Name
FCC Retail ABS Finance Noria 2009
FCC U.C.I 5 -18
Fideicomiso Financiero Cetelem II, III et IV
Florence 1 SRL
Florence SPV SRL
Noria 2015
Fondo de Titulizacion de Activos, RMBS Prado I
Country
Method
France
Full
Spain
Equity
(3)
Voting
(%)
Interest
(%)
-
-
-
-
Italy
Full
-
-
Argentina
31 December 2014
Ref.
Voting
(%)
Interest
(%)
Full
-
-
Equity
S1
Italy
Full
-
-
France
Full
-
-
E2
E2
(3)
Method
(3)
31 December 2015
Ref.
Country
Method
Banque Marocaine du Commerce et de l'Industrie
Leasing
Morocco
Full
86,9%
Morocco
Full
100%
Ivory Coast
Equity *
90,0%
-
-
Full
-
-
Full
-
-
Offshore
Full
-
-
BICI Bourse
E2
Voting
(%)
Name
BNP Intercontinentale - BNPI
France
Interest
(%)
31 December 2014
Voting
(%)
Interest
(%)
Ref.
Method
58,0%
V3
Full
86,9%
58,2%
66,7%
V3
Full
100%
67,0%
53,5%
E1
S4
Full
S4
(1)
100%
100%
Spain
Equity
-
-
BNP Paribas Bank Polska SA
Poland
Full
85,0%
84,9%
Phedina Hypotheken 2010 BV
Netherlands
Full
-
-
Full
-
-
BNP Paribas El Djazair
Algeria
Full
100%
100%
Full
100%
100%
Phedina Hypotheken 2011-I BV
Netherlands
Full
-
-
Full
-
-
BNP Paribas Fortis Yatirimlar Holding AS
Turkey
Full
100%
99,9%
Full
100%
100%
Phedina Hypotheken 2013-I BV
Netherlands
Full
-
-
Full
-
-
BNP Paribas IRB Participations (ex- BNP Paribas
BDDI Participations)
France
Full
100%
100%
Full
100%
100%
BNP Paribas Yatirimlar Holding AS
Turkey
Full
100%
100%
Full
100%
100%
Equity
49,8%
49,8%
Equity
49,8%
49,8%
Retail Banking in the United States of America
Dominet SA
Poland
IC Axa Insurance JSC
Ukraine
U.S.A
Full
100%
100%
Full
100%
100%
Kronenburg Vastgoed BV
BancWest Corporation
U.S.A
Full
100%
100%
Full
100%
100%
Orient Commercial Bank
Bancwest Investment Services Inc.
U.S.A
Full
100%
100%
Full
100%
100%
Stichting Effecten Dienstverlening
U.S.A
Full
100%
100%
Full
100%
100%
Sygma Bank Polska SA (Spolka Akcyjna)
Poland
Full
100,0%
88,3%
E2
Cayman Islands
Full
100%
100%
Full
100%
100%
TEB Faktoring AS
Turkey
Full
100%
72,5%
V4
TEB Holding AS
Turkey
Full
50,0%
50,0%
Full
100%
100%
Full
100%
100%
TEB Portfoy Yonetimi AS
Turkey
Full
100%
72,5%
Full
100%
100%
TEB SH A
Serbia
Full
100%
50,0%
100%
100%
Full
100%
100%
TEB Yatirim Menkul Degerler AS
Turkey
Full
100%
72,5%
Full
100%
72,5%
Bank of the West (Cayman Islands branch)
S3
Netherlands
S3
Full
100%
69,5%
Viet Nam
S2
Equity
20,0%
20,0%
Netherlands
S3
Full
100%
69,5%
E1
Full
100%
69,5%
V1
Full
50,0%
50,0%
Full
100%
70,8%
Bank of the West Business Park Association LLC
U.S.A
Bishop Street Capital Management Corporation
U.S.A
BW Insurance Agency Inc.
U.S.A
Center Club Inc.
U.S.A
Full
CFB Community Development Corporation
U.S.A
Full
100%
100%
Full
100%
100%
The Economy Bank NV
Claas Financial Services LLC
U.S.A
Full
75,9%
63,4%
Full
75,9%
63,4%
Turk Ekonomi Bankasi AS
Turkey
Commercial Federal Affordable Housing Inc.
U.S.A
Full
100%
100%
Full
100%
100%
Turk Ekonomi Bankasi AS (Bahrain branch)
Bahrain
UkrSibbank Public JSC
Ukraine
Full
85,0%
Union Bancaire pour le Commerce et l'Industrie
Tunisia
Full
Belgium
Equity
S2
Commercial Federal Community Development
Corporation
U.S.A
Full
100%
100%
Commercial Federal Insurance Corporation
U.S.A
Full
100%
100%
Commercial Federal Investment Service Inc.
U.S.A
Full
100%
100%
Community Service Inc.
U.S.A
Equity Lending Inc.
U.S.A
S1
BNP Paribas Cardif
Essex Credit Corporation
U.S.A
S4
BNP Paribas Cardif BV
FHB Guam Trust Co.
U.S.A
Full
100%
100%
Full
100%
100%
BNP Paribas Cardif Emeklilik Anonim Sirketi
FHL SPC One Inc.
U.S.A
Full
100%
100%
Full
100%
100%
First Bancorp
U.S.A
Full
100%
100%
Full
100%
First Hawaiian Bank
U.S.A
Full
100%
100%
Full
S1
S1
First Hawaïan Bank (Cayman Islands branch)
S1
Cayman Islands
Full
100%
100%
Full
100%
100%
Full
100%
100%
Full
100%
100%
V1
100%
50,0%
Full
100%
69,5%
V1
S3
Full
100%
69,5%
V1
V1
Full
97,0%
69,5%
V1
S1
Full
100%
69,5%
V1
100%
Full
85,0%
100%
50,1%
50,1%
Full
50,1%
50,1%
Netherlands
Insurance
25,0%
25,0%
Equity
25,0%
25,0%
Full
(2)
100%
100%
Full
(2)
100%
100%
Full
(2)
100%
100%
Full
(2)
100%
Turkey
Equity *
100%
100%
Equity *
100%
100%
BNP Paribas Cardif General Insurance Co. Ltd.
Rep. of Korea
Equity *
77,5%
77,5%
Equity *
75,0%
75,0%
100%
BNP Paribas Cardif Levensverzekeringen NV
Netherlands
Full
(2)
100%
100%
Full
(2)
100%
100%
100%
100%
BNP Paribas Cardif Pojistovna AS
Czech Republic
Full
(2)
100%
100%
Full
(2)
100%
100%
AG Insurance (Group)
Full
V4
100%
100%
100%
BNP Paribas Cardif PSC Ltd.
UK
Equity *
100%
100%
Equity *
100%
100%
First Hawaiian Capital 1
U.S.A
Full
100%
100%
BNP Paribas Cardif Schadeverzekeringen NV
Netherlands
Full
(2)
100%
100%
Full
(2)
100%
100%
First Hawaiian Leasing Inc.
U.S.A
Full
100%
100%
Full
100%
100%
BNP Paribas Cardif Seguros de Vida SA
Chile
Full
(2)
100%
100%
Full
(2)
100%
100%
First National Bancorporation
U.S.A
Full
100%
100%
Full
100%
100%
BNP Paribas Cardif Seguros Generales SA
Chile
Full
(2)
100%
100%
Full
(2)
100%
100%
First Santa Clara Corporation
U.S.A
Full
100%
100%
Full
100%
100%
Liberty Leasing Company
U.S.A
Full
100%
100%
Full
100%
100%
Chile
Equity *
100%
100%
Equity *
100%
100%
Mountain Falls Acquisition Corporation
U.S.A
Full
100%
100%
Full
100%
100%
BNP Paribas Cardif Servicios y Asistencia Limitada
(ex- Cardif Extension De Garantia y Asistencia
Limitada)
Real Estate Delivery 2 Inc.
U.S.A
Full
100%
100%
Full
100%
100%
The Bankers Club Inc.
U.S.A
Full
100%
100%
Full
100%
100%
BNP Paribas Cardif TCB Life Insurance Company
Ltd.
Taiwan
Equity
49,0%
49,0%
Equity
49,0%
49,0%
Ursus Real estate Inc.
U.S.A
Full
100%
100%
Full
100%
100%
Italy
Full
100%
100%
Full
Bank of the West Auto Trust 2014-1 (ex- BOW
Auto Trust LLC)
U.S.A
Full
-
-
BOB-Cardif Life Insurance Company Ltd.
China
Equity
50,0%
50,0%
Equity
Cardif Assurance Vie
France
Full
(2)
100%
100%
Full
(2)
Bank of the West Auto Trust 2015-1
U.S.A
Full
-
-
E2
Cardif Assurance Vie (Austria branch)
Austria
Full
(2)
100%
100%
Full
Bank of the West Auto Trust 2015-2
U.S.A
Full
-
-
E2
Belgium
Full
(2)
100%
100%
BOW Auto Receivables LLC
U.S.A
Full
-
-
Full
-
-
Cardif Assurance Vie (Bulgaria branch)
Bulgaria
Full
(2)
100%
100%
Commercial Federal Realty Investors Corporation
U.S.A
S1
Full
-
-
Cardif Assurance Vie (Germany branch)
Germany
Full
(2)
100%
100%
Commercial Federal Service Corporation
U.S.A
S1
Full
-
-
Cardif Assurance Vie (Italy branch)
Italy
Full
(2)
100%
Equipment Lot FH
U.S.A
Full
-
-
Full
-
-
Cardif Assurance Vie (Japan branch)
Japan
Full
(2)
Equipment Lot Siemens 1998A-FH
U.S.A
Full
-
-
Full
-
-
Cardif Assurance Vie (Portugal branch)
Portugal
Full
Glendale Corporate Center Acquisition LLC
U.S.A
Full
-
-
Full
-
-
Cardif Assurance Vie (Romania branch)
Romania
LACMTA Rail Statutory Trust (FH1)
U.S.A
Full
-
-
Full
-
-
Cardif Assurance Vie (Spain branch)
Lexington Blue LLC
U.S.A
Equity
-
-
Equity
-
-
Cardif Assurance Vie (Switzerland branch)
MNCRC Equipement Lot
U.S.A
Full
-
-
Riverwalk Village Three Holdings LLC
U.S.A
Full
-
-
Full
-
Santa Rita Townhomes Acquisition LLC
U.S.A
Full
-
-
Full
Southwest Airlines 1993 Trust N363SW
U.S.A
ST 2001 FH-1 Statutory Trust
U.S.A
Full
-
SWB 99-1
U.S.A
Full
VTA 1998-FH
U.S.A
Full
BNP Paribas Cardif Vita Compagnia di
Assicurazione E Riassicurazione SPA
100%
100%
50,0%
50,0%
100%
100%
(2)
100%
100%
Full
(2)
100%
100%
Full
(2)
100%
100%
Full
(2)
100%
100%
100%
Full
(2)
100%
100%
100%
100%
Full
(2)
100%
100%
(2)
100%
100%
Full
(2)
100%
100%
Full
(2)
100%
100%
Full
(2)
100%
100%
Spain
Full
(2)
100%
100%
Full
(2)
100%
100%
Switzerland
Full
(2)
100%
100%
Full
(2)
100%
100%
Cardif Assurance Vie (Taiwan branch)
Taiwan
Full
(2)
100%
100%
Full
(2)
100%
100%
-
Cardif Assurances Risques Divers
France
Full
(2)
100%
100%
Full
(2)
100%
100%
-
-
Cardif Assurances Risques Divers (Austria branch)
Austria
Full
(2)
100%
100%
Full
(2)
100%
100%
Full
-
-
Cardif Assurances Risques Divers (Belgium branch)
Belgium
Full
(2)
100%
100%
Full
(2)
100%
100%
-
Full
-
-
Cardif Assurances Risques Divers (Bulgaria branch)
Bulgaria
Full
(2)
100%
100%
Full
(2)
100%
100%
-
-
Full
-
-
-
-
Full
-
-
Cardif Assurances Risques Divers (Germany
branch)
Germany
Full
(2)
100%
100%
Full
(2)
100%
100%
Italy
Full
(2)
100%
100%
Full
(2)
100%
100%
Japan
Full
(2)
100%
100%
Full
(2)
100%
100%
Luxembourg
Full
(2)
100%
100%
Full
(2)
100%
100%
Cardif Assurances Risques Divers (Poland branch)
Poland
Full
(2)
100%
100%
Full
(2)
100%
100%
Cardif Assurances Risques Divers (Portugal
branch)
Portugal
Full
(2)
100%
100%
Full
(2)
100%
100%
Cardif Assurances Risques Divers (Romania
branch)
Romania
Full
(2)
100%
100%
Full
(2)
100%
100%
Spain
Full
(2)
100%
100%
Full
(2)
100%
100%
Switzerland
Full
(2)
100%
100%
Full
(2)
100%
100%
Taiwan
Full
(2)
100%
100%
Full
(2)
100%
100%
Cardif Biztosito Magyarorszag Zrt
Hungary
Equity *
100%
100%
Equity *
100%
100%
Cardif Colombia Seguros Generales SA
Colombia
Full
100%
100%
100%
100%
100%
100%
S2
S2
-
E2
Cardif Assurance Vie (Belgium branch)
E2
Cardif Assurances Risques Divers (Italy branch)
Europe Mediterranean
Cardif Assurances Risques Divers (Japan branch)
Bank BGZ BNP Paribas SA (ex- BGZ SA)
Poland
Full
88,3%
88,3%
V1&V3
Full
89,0%
89,0%
Bank of Nanjing
China
Equity
18,8%
18,8%
V1
Equity
16,2%
16,2%
Banque Internationale du Commerce et de
l'Industrie Burkina Faso
Burkina Faso
Full
51,0%
51,0%
Full
51,0%
51,0%
l'Industrie Cote d'Ivoire
Ivory Coast
l'Industrie Gabon
Gabon
Equity
47,0%
47,0%
Equity
47,0%
47,0%
l'Industrie Guinée
Guinea
Equity *
55,6%
55,6%
Equity *
55,6%
55,6%
l'Industrie Mali
Mali
Full
85,0%
85,0%
Full
85,0%
85,0%
l'Industrie Senegal
Senegal
Full
54,1%
54,1%
Full
54,1%
54,1%
Morocco
Full
66,7%
66,7%
Full
67,0%
67,0%
Assurance
Morocco
Crédit Conso
Morocco
Gestion Asset Management
Morocco
Full
Equity *
59,8%
100%
59,8%
66,7%
Full
V3
Equity *
59,8%
100%
E3
Cardif Assurances Risques Divers (Luxembourg
branch)
59,8%
Cardif Assurances Risques Divers (Spain branch)
Cardif Assurances Risques Divers (Switzerland
branch)
V1
Cardif Assurances Risques Divers (Taiwan
branch)
67,0%
S4
Equity *
100%
66,7%
V3
Equity *
100%
V1
Full
France
-
E1
V1
Netherlands
Full
V3
S1
1897 Services Corporation
Bank of the West
Ref.
67,0%
(2)
(2)
Full
S3
(2)
(2)
Cardif del Peru Sa Compania de Seguros
Peru
Equity *
Cardif do Brasil Seguros e Garantias SA
Brazil
Full
(2)
100%
100%
Full
(2)
100%
100%
Cardif do Brasil Vida e Previdencia SA
Brazil
Full
(2)
100%
100%
Full
(2)
100%
100%
Cardif El Djazair
Algeria
Equity *
100%
100%
Cardif Forsakring AB
Sweden
Equity *
100%
100%
Equity *
100%
100%
Cardif Forsakring AB (Denmark branch)
Denmark
Equity *
100%
100%
Equity *
100%
100%
Cardif Forsakring AB (Norway branch)
Norway
Equity *
100%
100%
Equity *
100%
100%
Cardif Hayat Sigorta Anonim Sirketi
Turkey
Equity *
100%
100%
E3
E1
E3
E1
S3
E1
E2
Incorporation
E3
S1
S2
S3
S4
V1
Additional purchase
V2
Partial disposal
V3
Dilution
V4
Increase in %
Miscellaneous
D1
D2
D3
(1)
(2)
(3)
- 116 -
31 December 2015
Name
Country
Method
Cardif Insurance Company LLC
Russia
Full
Cardif I-Services
France
Equity *
Cardif Leven
(2)
Voting
(%)
Interest
(%)
31 December 2014
Ref.
100%
100%
Full
100%
100%
Equity *
100%
100%
100%
100%
31 December 2015
Ref.
Name
BNP Paribas Investment Partners Asia Ltd.
Full
(2)
100%
100%
Rep. of Korea
Full
85,0%
85,0%
Full
(2)
85,0%
85,0%
Sweden
Equity *
100%
100%
Equity *
100%
100%
E1
Cardif Livforsakring AB (Denmark branch)
Denmark
Equity *
100%
100%
Equity *
100%
100%
E1
E1
Cardif Livforsakring AB (Norway branch)
S4
(2)
Interest
(%)
Cardif Livforsakring AB
Cardif Life Insurance CO. Ltd.
Belgium
Voting
(%)
Method
Norway
Equity *
Luxembourg
Full
Cardif Mexico Seguros de Vida SA de CV
Mexico
Cardif Mexico Seguros Generales SA de CV
Mexico
Cardif Nordic AB
Sweden
Full
Cardif Osiguranje Dionicko Drustvo ZA Osiguranje
Croatia
Equity *
Cardif Pinnacle Insurance Holdings PLC
UK
Full
Cardif Pinnacle Insurance Management Services
PLC
UK
Full
Cardif Polska Towarzystwo Ubezpieczen na Zycie
SA
Poland
Cardif Lux Vie
Cardif Seguros SA
Cardif Services SAS
(2)
100%
100%
Equity *
66,7%
55,3%
Full
Equity *
100%
100%
Equity *
100%
100%
100%
100%
Full
100%
100%
(2)
100%
100%
Full
(2)
100%
100%
(2)
100%
100%
Full
(2)
100%
100%
Full
(2)
100%
100%
Full
(2)
100%
100%
Argentina
Full
(2)
100%
100%
Full
(2)
100%
100%
50,0%
50,0%
100%
100%
(2)
(2)
Voting
(%)
Interest
(%)
31 December 2014
Ref.
Method
Voting
(%)
Interest
(%)
Hong Kong
Full
100%
98,3%
Full
100%
98,3%
BNP Paribas Investment Partners BE Holding
Belgium
Full
100%
98,3%
Full
100%
98,3%
BNP Paribas Investment Partners Belgium
Belgium
Full
100%
98,3%
Full
100%
98,3%
BNP Paribas Investment Partners Belgium
(Germany branch)
Germany
Full
100%
98,3%
Full
100%
98,3%
Netherlands
Full
100%
98,3%
Full
100%
98,3%
100%
100%
55,3%
BNP Paribas Investment Partners Funds
(Nederland) NV
Equity *
100%
100%
BNP Paribas Investment Partners Japan Ltd.
Japan
Full
100%
98,3%
Full
100%
98,3%
Equity *
100%
100%
BNP Paribas Investment Partners Latam SA
Mexico
Equity *
99,1%
97,4%
Equity *
99,1%
97,4%
100%
100%
BNP Paribas Investment Partners Luxembourg
Luxembourg
Full
99,7%
98,0%
Full
99,7%
98,0%
BNP Paribas Investment Partners Netherlands NV
Netherlands
Full
100%
98,3%
Full
100%
98,3%
BNP Paribas Investment Partners NL Holding NV
Netherlands
(2)
France
Equity *
100%
100%
Cargeas Assicurazioni SPA (ex- UBI Assicurazioni
SPA)
Italy
Equity
50,0%
50,0%
Equity
CB (UK) Ltd.
UK
Full
(2)
100%
100%
Full
(2)
Darnell Ltd.
Ireland
Full
(2)
100%
100%
Full
(2)
F&B Insurance Holdings SA (Group)
Belgium
Financial Telemarketing Services Ltd.
Method
66,7%
(2)
E1
E1
S1
Country
Equity
E3
Full
100%
98,3%
Full
100%
98,3%
BNP Paribas Investment Partners PT
Indonesia
Full
100%
98,3%
Full
100%
98,3%
BNP Paribas Investment Partners Singapore Ltd.
Singapore
Equity *
100%
98,3%
Equity *
100%
98,3%
BNP Paribas Investment Partners Societa di
Gestione del Risparmio SPA
Italy
Full
100%
100%
Full
100%
100%
BNP Paribas Investment Partners UK Ltd.
UK
Full
100%
98,3%
Full
100%
98,3%
BNP Paribas Investment Partners USA Holdings
Inc.
U.S.A
Full
100%
100%
Full
100%
100%
CamGestion
France
Full
100%
98,3%
Full
100%
98,3%
Fischer Francis Trees & Watts Inc.
U.S.A
Full
100%
100%
Full
100%
100%
100%
100%
Fischer Francis Trees & Watts UK Ltd.
50,0%
50,0%
Fund Channel
UK
S3
UK
Equity *
100%
98,3%
Equity *
100%
98,3%
Luxembourg
Equity
50,0%
49,1%
Equity
50,0%
49,1%
France
Equity *
100%
98,3%
Equity *
100%
98,3%
GIE BNP Paribas Cardif
France
Full
(2)
100%
99,0%
Full
(2)
100%
99,0%
FundQuest Advisor (UK branch)
UK
Equity *
100%
98,3%
Equity *
100%
98,3%
Icare
France
Full
(2)
100%
100%
Full
(2)
100%
100%
E3
FundQuest UK Ltd.
UK
Icare Assurance
France
Full
(2)
100%
100%
Full
(2)
100%
100%
E3
Brazil
Equity
50,0%
50,0%
Equity
50,0%
50,0%
Haitong - Fortis Private Equity Fund Management
CO. Ltd.
China
Equity
33,0%
32,4%
Equity
33,0%
32,4%
France
Equity
50,0%
50,0%
Equity
50,0%
50,0%
HFT Investment Management CO Ltd. (Group)
China
Equity
49,0%
48,2%
Equity
49,0%
48,2%
Brazil
Full
(2)
100%
100%
Full
(2)
100%
100%
Shinhan BNP Paribas Asset Management CO Ltd. Rep. of Korea
Equity
35,0%
34,4%
Equity
35,0%
34,4%
UK
Full
(2)
100%
100%
Full
(2)
100%
100%
THEAM
Full
100%
98,3%
Full
100%
98,3%
Equity
50,0%
49,1%
Luizaseg
Natio Assurance
NCVP Participacoes Societarias SA
Pinnacle Insurance PLC
Pocztylion Arka Powszechne Towarzystwo
Emerytalne SA
Poland
Equity
33,3%
33,3%
Equity
33,3%
33,3%
Poistovna Cardif Slovakia AS
Slovakia
Equity *
100%
100%
Equity *
100%
100%
Portes de Claye SCI
France
Equity
45,0%
45,0%
V3
Equity
45,0%
56,9%
Scoo SCI
France
Equity
46,4%
46,4%
V3
Equity
46,4%
57,9%
India
Equity
26,0%
26,0%
Equity
26,0%
26,0%
BNP Paribas Actions Euroland
France
Full
(2)
-
-
BNP Paribas Aqua
France
Full
(2)
-
-
BNP Paribas Convictions
France
Full
(2)
-
-
E1
BNP Paribas Developpement Humain
France
Full
(2)
-
-
E1
BNP Paribas Global Senior Corporate Loans
France
Full
(2)
-
-
BNP Paribas Money 3M
France
Cardimmo
France
Full
(2)
-
-
Natio Fonds Ampère 1
France
Full
(2)
-
Odyssée SCI
France
Full
(2)
Luxembourg
Full
France
Full
State Bank of India Life Insurance Company Ltd.
FundQuest Advisor
V4
TKB BNP Paribas Investment Partners Holding BV
Asset Partners
V3
Atisreal Netherlands BV
Profilea Monde Equilibre
Société Immobilière du Royal Building SA
Theam Quant Equity Europe Guru
E1
(2)
-
-
E1
Bank Insinger de Beaufort NV
Bank Insinger de Beaufort NV (UK branch)
BNP Paribas Espana SA
Netherlands
UK
Full
100%
100%
100%
Full
100%
100%
100%
-
BNP Paribas Immobilier Residentiel
France
Full
100%
100%
Full
100%
100%
-
-
-
Full
(2)
-
-
BNP Paribas Immobilier Residentiel Service
Clients
France
Full
100%
100%
Full
100%
100%
-
-
Full
(2)
-
-
Full
(2)
-
BNP Paribas Immobilier Residentiel Transaction &
Conseil
France
Full
100%
100%
Full
100%
100%
(2)
-
-
BNP Paribas Immobilier Residentiel V2i
France
Full
100%
100%
(2)
-
-
BNP Paribas Real Estate
France
Full
100%
100%
Full
100%
100%
BNP Paribas Real Estate Advisory & Property
Management Czech Republic SRO
Czech Republic
Full
100%
100%
Full
100%
100%
Management Hungary Ltd.
Hungary
Full
100%
100%
Full
100%
100%
Management Ireland Ltd.
Ireland
Full
100%
100%
Full
100%
100%
Management LLC
United Arab
Emirates
Full
49,0%
49,0%
Management Luxembourg SA
Luxembourg
Full
100%
100%
Full
100%
100%
UK
Full
100%
100%
Full
100%
100%
Full
-
-
E1
63,0%
63,0%
(1)
(1)
100%
100%
Full
63,0%
63,0%
Full
100%
63,0%
99,7%
99,7%
Full
99,7%
99,7%
100%
100%
Full
(1)
100%
100%
BNP Paribas Wealth Management (Hong Kong
branch)
Hong Kong
Full
(1)
100%
100%
Full
(1)
100%
100%
BNP Paribas Wealth Management (Singapore
branch)
Singapore
Full
(1)
100%
100%
Full
(1)
100%
100%
(1)
100%
100%
Full
100%
100%
Equity *
(1)
V1
100%
100%
98,3%
Full
98,3%
Full
100%
100%
100%
BNP Paribas Real Estate Advisory Belgium SA
Belgium
Full
100%
100%
Full
100%
100%
Italy
Full
100%
100%
Full
100%
100%
Netherlands
Full
100%
100%
Full
100%
100%
98,3%
BNP Paribas Real Estate Advisory Italy SPA
BNP Paribas Real Estate Advisory Netherlands
BV
BNP Paribas Real Estate Advisory SA
Romania
Full
100%
100%
Full
100%
100%
Spain
Full
100%
100%
Full
100%
100%
BNP Paribas Real Estate Consult France
France
Full
100%
100%
Full
100%
100%
BNP Paribas Real Estate Consult GmbH
Germany
Full
100%
100%
Full
100%
100%
UK
Full
100%
100%
Full
100%
100%
100%
100%
BNP Paribas Real Estate Advisory Spain SA
98,3%
Finland
Alfred Berg Asset Management AB (Norway
branch)
Norway
Full
100%
98,3%
Full
100%
98,3%
Alfred Berg Fonder AB
Sweden
Full
100%
98,3%
Full
100%
98,3%
BNP Paribas Real Estate GmbH
Alfred Berg Kapitalforvaltning AB
Sweden
Full
100%
98,3%
Full
100%
98,3%
BNP Paribas Real Estate Holding Benelux SA
Alfred Berg Kapitalforvaltning AS
Norway
Full
100%
98,3%
Full
100%
98,3%
Alfred Berg Kapitalforvaltning Finland AB
Finland
Full
100%
98,3%
Full
100%
Alfred Berg Rahastoyhtio Oy
Finland
Full
100%
98,3%
Full
Bancoestado Administradora General de Fondos
SA
100%
98,3%
Chile
Equity
50,0%
49,1%
BNP Paribas Asset Management Brasil Ltda.
Brazil
Full
100%
99,6%
BNP Paribas Asset Management Inc.
U.S.A
BNP Paribas Asset Management India Private Ltd.
Full
S4
S3
100%
Alfred Berg Asset Management AB (Finland
branch)
Full
S4
Management UK Ltd.
Investment Partners
Full
100%
100%
-
(1)
Denmark
100%
Full
(2)
Full
Alfred Berg Asset Management AB (Denmark
branch)
Full
France
(2)
100%
Full
France
BNP Paribas Immobilier Promotion Residentiel (exBNP Paribas Immobilier Residentiel Promotion Ile
de France)
Full
Full
Sweden
BNP Paribas Immobilier Promotion Immobilier
d'Entreprise
Full
Spain
Alfred Berg Asset Management AB
100%
100%
63,0%
Full
100%
100%
Full
Full
Equity *
100%
Full
100%
Full
France
Full
100%
100%
Full
Monaco
100%
100%
Full
100,0%
Conseil Investissement SNC
100%
Full
France
100%
BNP Paribas Wealth Management Monaco
S4
Full
France
BNP Paribas Immobilier Residences Services
France
BNP Paribas Wealth Management
France
Netherlands
Auguste-Thouard Expertise
-
S4
Full
S2
-
France
France
Netherlands
(2)
Wealth Management
B*Capital
S3
Full
S3
100%
98,3%
BNP Paribas Real Estate Facilities Management
Ltd.
France
Full
100%
100%
Full
100%
100%
Germany
Full
100%
100%
Full
100%
100%
Belgium
Full
100%
100%
Full
100%
BNP Paribas Real Estate Holding GmbH
Germany
Full
100%
100%
Full
100%
100%
98,3%
BNP Paribas Real Estate Hotels France
France
Full
100%
96,0%
Full
100%
96,1%
100%
98,3%
Belgium
Full
100%
100%
Full
100%
100%
Equity
50,0%
49,1%
BNP Paribas Real Estate Investment Management
Belgium
Full
100%
100%
France
France
Full
96,8%
96,8%
Full
96,8%
96,8%
Full
100%
100%
Germany GmbH
Germany
Full
94,9%
94,9%
Full
94,9%
94,9%
Italy
Italy
Full
100%
100%
Full
100%
100%
Ltd.
UK
Full
100%
100%
Full
100%
100%
Luxembourg SA
Luxembourg
Full
100%
100%
Full
100%
100%
Spain SA
Spain
Full
100%
100%
Full
100%
100%
India
Equity *
100%
98,3%
Equity *
100%
98,3%
BNP Paribas Asset Management SAS
France
Full
100%
98,3%
Full
100%
98,3%
BNP Paribas Asset Management SAS (Austria
branch)
Austria
Full
100%
98,3%
Full
100%
98,3%
BNP Paribas Capital Partners
France
Equity *
100%
100%
Equity *
100%
100%
BNP Paribas Investment Partners
France
Full
100%
98,3%
Full
100%
98,3%
BNP Paribas Investment Partners (Australia)
Holdings Pty Ltd.
Australia
Full
100%
98,3%
Full
100%
98,3%
BNP Paribas Investment Partners (Australia) Ltd.
Australia
Equity *
100%
98,3%
Equity *
100%
98,3%
BNP Paribas Investment Partners Argentina SA
Argentina
Equity *
100%
99,6%
Equity *
100%
100%
V4
Real Estate Services
Full
France
Ref.
BNP Paribas Real Estate Financial Partner
V3
100%
V2
E1
E1
E2
Incorporation
E3
S1
S2
S3
S4
V1
Additional purchase
V2
Partial disposal
V3
Dilution
V4
Increase in %
Miscellaneous
D1
D2
D3
(1)
(2)
(3)
- 117 -
31 December 2015
Name
UK Ltd.
Country
Method
Voting
(%)
Interest
(%)
31 December 2014
Ref.
Voting
(%)
Method
Interest
(%)
UK
Full
100%
100%
Full
100%
100%
France
Full
100%
100%
Full
100%
100%
Italy
Full
100%
100%
Full
100%
100%
BNP Paribas Real Estate Jersey Ltd.
Jersey
Full
100%
100%
Full
100%
100%
BNP Paribas Real Estate Poland SP ZOO
Poland
Full
100%
100%
Full
100%
100%
UK
Full
100%
100%
Full
100%
100%
BNP Paribas Real Estate Investment Services
BNP Paribas Real Estate Italy SRL
BNP Paribas Real Estate Property Development
UK Ltd.
BNP Paribas Real Estate Property
Developpement Italy SPA
Italy
Full
100%
100%
Full
100%
100%
BNP Paribas Real Estate Property Management
Belgium
Belgium
Full
100%
100%
Full
100%
100%
France SAS
France
Full
100%
100%
Full
100%
100%
GmbH
Italy SRL
Spain SA
Germany
Full
Italy
Full
100%
100%
100%
100%
Spain
Full
100%
100%
BNP Paribas Real Estate Transaction France
France
Full
96,0%
96,0%
BNP Paribas Real Estate Valuation France
France
Full
100%
100%
European Direct Property Management SA
Luxembourg
France
Full
100%
100%
Immobilière des Bergues
France
Meunier Hispania
Parker Tower Ltd.
100%
Full
V3
100%
Name
BNP Paribas Securities Services - BP2S (UK
branch)
100%
100%
96,1%
96,1%
Full
100%
100%
Full
100%
100%
Italy
Full
100%
100%
Spain
Full
100%
100%
Full
100%
100%
Full
100%
100%
Full
100%
100%
Voting
(%)
Interest
(%)
31 December 2014
Ref.
Voting
(%)
Method
Interest
(%)
UK
Full
(1)
100%
100%
Full
(1)
100%
100%
BNP Paribas Securities Services - BP2S
(Singapore branch)
Singapore
Full
(1)
100%
100%
Full
(1)
100%
100%
(Switzerland branch)
Switzerland
Full
(1)
100%
100%
Full
(1)
100%
100%
BNP Paribas Sundaram Global Securities
Operations Private Ltd.
India
Full
100,0%
100,0%
51,0%
51,0%
BNP Paribas Arbitrage
France
Full
(1)
100%
100%
Full
(1)
100%
100%
BNP Paribas Arbitrage (U.S.A branch)
U.S.A
Full
(1)
100%
100%
Full
(1)
100%
100%
UK
Full
(1)
100%
100%
Full
(1)
100%
100%
BNP Paribas Arbitrage (UK branch)
100%
Full
Method
V1
Equity *
BNP Paribas Equities France
France
Esomet
France
Full
100%
100%
Full
100%
100%
Laffitte Participation 22
France
Full
100%
100%
Full
100%
100%
Opéra Trading Capital
Opéra Trading Capital (Hong Kong branch)
V2
Opéra Trading Capital (UK branch)
S4
France
Full
100%
100%
E2
Hong Kong
Full
100%
100%
E2
UK
Full
100%
100%
E2
100%
100%
Full
Parifergie
France
Parilease
France
Full
100%
100%
Taitbout Participation 3 SNC
France
Full
100%
100%
Full
100%
100%
S4
Verner Investissements (Group)
France
Equity
40,0%
50,0%
Equity
40,0%
50,0%
(1)
(1)
E1
Other European countries
UK
Full
100%
100%
Alpha Murcia Holding BV
Netherlands
Equity *
100%
99,9%
Equity *
100%
99,9%
France
Full
100%
100%
Full
100%
100%
BNP Paribas Arbitrage Issuance BV
Netherlands
Full
100%
100%
Full
100%
100%
Pyrotex GB 1 SA
Luxembourg
Full
100%
100%
Full
100%
100%
BNP Paribas Bank JSC (ex- BNP Paribas ZAO)
Russia
Full
100%
100%
Full
100%
100%
Pyrotex SARL
Luxembourg
Full
100%
100%
Full
100%
100%
BNP Paribas Bank NV
Italy
Full
100%
100%
Full
100%
100%
BNP Paribas Commodity Futures Ltd.
UK
Full
100%
100%
Full
100%
100%
Siège Issy
France
Full
100%
100%
Full
100%
100%
BNP Paribas Emission-und Handel. MBH
Germany
Full
100%
100%
Full
100%
100%
Sociétés de Construction de Vente
Partner's & Services
San Basilio 45 SRL
E3
Full
100%
100%
Full
100%
100%
Full
100%
100%
Full
100%
100%
Equity *
100%
100%
Equity *
100%
100%
Ireland
Full
100%
100%
Full
100%
100%
BNP Paribas U.K. Holdings Ltd.
UK
Full
100%
100%
Full
100%
100%
BNP Paribas UK Ltd.
UK
Full
100%
100%
Full
100%
100%
Ireland
Equity *
100%
100%
Full
100%
100%
BNP Paribas Net Ltd.
Sviluppo Residenziale Italia SRL
Italy
Full
100%
100%
Full
100%
100%
BNP Paribas Prime Brokerage International Ltd.
Tasaciones Hipotecarias SA
Via Crespi 26 SRL
-
-
Spain
D2
BNP Paribas Islamic Issuance BV
S2
Italy
S2
Full
100%
100%
REPD Parker Ltd.
BNP Paribas Vartry Reinsurance Ltd.
UK
Full
-
-
E2
BNP PUK Holding Ltd.
Securities services
BNP Paribas Dealing Services
BNP Paribas Dealing Services (UK branch)
BNP Paribas Dealing Services Asia Ltd.
BNP Paribas Fund Administration Services Ireland
Ltd.
BNP Paribas Fund Services Australasia Pty Ltd.
100%
50,0%
GreenStars BNP Paribas
Luxembourg
Equity *
100%
100%
Equity *
100%
100%
Harewood Holdings Ltd.
UK
Full
100%
100%
Full
100%
100%
BNP Paribas Fund Services Australasia Pty Ltd.
(New Zealand branch)
Full
(1)
100%
100%
Landspire Ltd.
Hong Kong
Full
100%
100%
Full
100%
100%
100%
E3
100%
D1
100%
100%
France
Full
(1)
100%
100%
Full
BNP Paribas Securities Services - BP2S (Australia
branch)
Australia
Full
(1)
100%
100%
Full
BNP Paribas Securities Services - BP2S (Italy
branch)
BNP Paribas Securities Services - BP2S (Jersey
branch)
New Zealand
Full
100%
BNP Paribas Securities Services - BP2S (Isle of
Man branch)
100%
D1
Full
100%
100%
S4
Equity *
100%
100%
Full
100%
100%
(1)
100%
100%
(1)
100%
100%
Belgium
Full
(1)
100%
100%
Full
(1)
100%
100%
Full
(1)
100%
100%
Full
(1)
100%
100%
Greece
Full
(1)
100%
100%
Full
(1)
100%
100%
Guernsey
Full
(1)
100%
100%
Full
(1)
100%
Full
(1)
100%
100%
Full
(1)
100%
100%
Hungary
Full
(1)
100%
100%
Full
(1)
100%
100%
Full
(1)
100%
100%
Full
(1)
100%
Italy
Full
(1)
100%
100%
Full
(1)
100%
100%
Jersey
Full
(1)
100%
100%
Full
(1)
100%
100%
(Netherlands branch)
Netherlands
(1)
100%
100%
Full
(1)
100%
100%
Full
100%
100%
SC Nueva Condo Murcia SL
Spain
Equity *
100%
99,9%
Equity *
100%
99,9%
Utexam Logistics Ltd.
Ireland
Full
100%
100%
Full
100%
100%
Utexam Solutions Ltd.
Ireland
Full
100%
100%
Full
100%
100%
Saudi Arabia
Equity *
100%
100%
Equity *
100%
100%
BNP Paribas Securities South Africa Holdings PTY
Ltd. (ex- BNP Paribas Cadiz Securities)
South Africa
Equity *
60,0%
60,0%
Equity *
60,0%
60,0%
BNP Paribas Securities South Africa PTY Ltd. (exBNP Paribas Cadiz Stockbroking)
South Africa
Equity *
100%
60,0%
Equity *
60,0%
60,0%
BNP Paribas Investment Company KSA
Banco BNP Paribas Brasil SA
Full
100%
100%
Full
100%
100%
U.S.A
Full
100%
100%
Full
100%
100%
BNP Paribas (Canada) Valeurs Mobilières
Canada
Equity *
100%
100%
Equity *
100%
100%
BNP Paribas Canada
Canada
Full
100%
100%
Full
100%
100%
U.S.A
Full
100%
100%
Full
100%
100%
Banexi Holding Corporation
BNP Paribas Capital Services Inc.
BNP Paribas CC Inc.
U.S.A
Full
100%
100%
Full
100%
100%
Colombia
Equity *
100%
100%
Equity *
100%
100%
BNP Paribas Energy Trading Canada Corp
Canada
Equity *
100%
100%
Equity *
100%
100%
BNP Paribas Energy Trading GP
U.S.A
Full
100%
100%
Full
100%
100%
BNP Paribas Energy Trading Holdings Inc.
U.S.A
Full
100%
100%
Full
100%
100%
BNP Paribas Energy Trading LLC
U.S.A
Full
100%
100%
Full
100%
100%
BNP Paribas FS LLC
U.S.A
Full
100%
100%
Full
100%
100%
Canada
Equity *
100%
100%
BNP Paribas Leasing Corporation
U.S.A
Full
100%
100%
Full
100%
100%
BNP Paribas Mortgage Corporation
U.S.A
Full
100%
100%
Full
100%
100%
BNP Paribas North America Inc.
U.S.A
Full
100%
100%
Full
100%
100%
BNP Paribas Prime Brokerage Inc.
U.S.A
Full
100%
100%
Full
100%
100%
BNP Paribas IT Solutions Canada Inc.
100%
(1)
100%
100%
Full
(1)
100%
100%
BNP Paribas Securities Services - BP2S (Poland
branch)
Poland
Full
(1)
100%
100%
Full
(1)
100%
100%
BNP Paribas Securities Services - BP2S (Spain
branch)
Spain
Full
(1)
100%
100%
Full
(1)
100%
100%
Portugal
Full
(1)
100%
100%
Full
(1)
100%
E1
E1
E1
Cayman
Islands
S1
BNP Paribas RCC Inc.
U.S.A
Full
BNP Paribas Securities Corporation
U.S.A
Full
100%
100%
Cronos Holding Company Ltd. (Group)
100%
Brazil
BNP Paribas Colombia Corporation Financiera SA
BNP Paribas Prime Brokerage International Ltd.
Full
V1
CIB Americas
S1
Full
100%
Africa
100%
Isle of Man
Luxembourg
Full
Middle East
100%
Hong Kong
Ireland
UK
E1
100%
Germany
(Luxembourg branch)
BNP Paribas Securities Services - BP2S (Portugal
branch)
20,6%
100%
100%
BNP Paribas Securities Services - BP2S (Ireland
branch)
21,0%
20,6%
100%
Full
(Hungary branch)
26,4%
21,0%
Equity
(1)
Equity *
BNP Paribas Securities Services - BP2S (Hong
Kong branch)
26,4%
Equity
S3
Full
Ireland
(Guernsey branch)
Equity
S3
Luxembourg
UK
France
BNP Paribas Securities Services - BP2S (Greece
branch)
S3
Luxembourg
Hime Holding 3 SA
100%
BNP Paribas Fund Services France
(Germany branch)
Luxembourg
Hime Holding 2 SA
100%
BNP Paribas Fund Services Dublin Ltd.
BNP Paribas Securities Services - BP2S (Belgium
branch)
Hime Holding 1 SA
(1)
E2
100%
100%
Full
100%
100%
50,0%
100%
100%
(2)
Full
Equity
100%
Full
Full
100%
50,0%
(1)
Equity *
D1
100%
50,0%
Full
Ireland
100%
Full
Equity
France
Australia
100%
UK
Belgium
FScholen
Corporate & Institutional Banking
Ireland
S3
UK
Full
D2
Netherlands
Netherlands
Full /
Equity
Italy
-
Full /
Equity
BNP Paribas Ireland
France
Sviluppo HQ Tiburtina SRL
-
Ref.
France
100%
Full
Country
CIB EMEA (Europ, Middle East, Africa)
S3
FG Ingenierie et Promotion Immobilière
Locchi SRL
Full
31 December 2015
Ref.
-
-
Bermuda
Full
S3
-
-
Full
100%
100%
Equity
30,1%
30,0%
FB Transportation Capital LLC
U.S.A
Full
100%
99,9%
Full
100%
99,9%
Fortis Funding LLC
U.S.A
Full
100%
99,9%
Full
100%
99,9%
French American Banking Corporation - FABC
U.S.A
Full
100%
100%
Full
100%
100%
FSI Holdings Inc.
U.S.A
Full
100%
100%
Full
100%
100%
Paribas North America Inc.
U.S.A
Full
100%
100%
Full
100%
100%
Via North America Inc.
U.S.A
Full
100%
100%
Full
100%
100%
E1
E2
Incorporation
E3
S1
S2
S3
S4
V1
Additional purchase
V2
Partial disposal
V3
Dilution
V4
Increase in %
Miscellaneous
D1
D2
D3
(1)
(2)
(3)
- 118 -
31 December 2015
31 December 2015
Name
Country
Method
Voting
(%)
Interest
(%)
31 December 2014
Ref.
Voting
(%)
Method
Interest
(%)
Name
Ref.
CIB Pacific Asia
Country
Indonesia
Full
100%
100%
Full
100%
-
-
Optichamps
France
Full
-
-
Full
-
-
Participations Opéra
France
Full
-
-
Full
-
-
Full
-
-
Full
-
-
Full
-
-
Full
-
-
Full
-
-
Spain
100%
Royale Neuve I SARL
Luxembourg
Luxembourg
Full
100%
100%
Full
100%
100%
Full
100%
100%
Full
100%
100%
Scaldis Capital (Ireland) Ltd.
Ireland
Scaldis Capital LLC
U.S.A
Full
100%
100%
China
Full
100%
100%
BNP Paribas Finance (Hong Kong) Ltd.
Hong Kong
Full
100%
BNP Paribas India Holding Private Ltd.
India
Full
BNP Paribas India Solutions Private Ltd.
India
Full
BNP Paribas Japan Ltd.
Japan
BNP Paribas Malaysia Berhad
BNP Paribas Principal Investments Japan Ltd.
Malaysia
100%
100%
100%
100%
Full
100%
100%
100%
Full
100%
100%
100%
100%
Full
100%
100%
Tender Option Bond Municipal program
U.S.A
100%
100%
Full
100%
100%
VPG SDI Media LLC
U.S.A
Equity *
Switzerland
Full
100%
100%
Full
100%
100%
Guernsey
Full
100%
100%
Full
100%
100%
Jersey
Full
100%
100%
Full
100%
100%
BNP Paribas Fortis Private Equity Belgium (exFortis Private Equity Belgium NV)
Belgium
Full
100%
99,9%
Full
100%
99,9%
BNP Paribas Fortis Private Equity Expansion (exFortis Private Equity Expansion Belgium NV)
Belgium
Full
100%
99,9%
Full
100%
99,9%
BNP Paribas Fortis Private Equity Management
(ex- Fortis Private Equity Management Belgium)
Belgium
Equity *
100%
99,9%
Equity *
100%
99,9%
Belgium
Full
100%
100%
Luxembourg
Full
97,1%
97,0%
Scaldis Capital Ltd.
Starbird Funding Corporation
Full
100%
100%
Full
100%
100%
Japan
100%
100%
Full
100%
100%
BNP Paribas Suisse SA
Full
100%
100%
Full
100%
100%
BNP Paribas Suisse SA (Guernsey branch)
BNP Paribas Securities (Taiwan) Co Ltd.
Taiwan
Full
100%
100%
Full
100%
100%
BNP Paribas Suisse SA (Jersey branch)
BNP Paribas Securities India Private Ltd.
India
Full
100%
100%
Full
100%
100%
Indonesia
Full
99,0%
99,0%
Full
99,0%
99,0%
BNP Paribas SJ Ltd. (Japan branch)
BPP Holdings Pte Ltd.
ACG Capital Partners Singapore Pte. Ltd.
Alamo Funding II Inc.
Alectra Finance PLC
Alleray SARL
Antin Participation 8
Aquarius + Investments PLC
Aquarius Capital Investments Ltd.
Full
-
-
-
Full
-
-
S1
Full
-
-
S3
Equity *
-
-
V1
Equity
-
-
-
-
Full
100%
100%
Full
100%
100%
Rep. of Korea
Full
100%
100%
Full
100%
100%
Hong Kong
Equity *
100%
100%
Equity *
100%
100%
Japan
Equity *
100%
100%
Equity *
100%
100%
Singapore
Full
100%
100%
Full
100%
100%
Private Equity (BNP Paribas Capital)
54 Lombard Street Investments Ltd.
-
-
S1
Full
Japan
-
Full
Other Business Units
Singapore
BNP Paribas SJ Ltd.
Full
U.S.A
S1
Hong Kong
BNP Paribas Securities Korea Company Ltd.
Jersey
Cayman
Islands
TCG Fund I, LP
BNP Paribas Securities (Singapore) Pte Ltd.
BNP Paribas Securities Japan Ltd.
S3
S1
Full
E2
UK
S1
Full
Singapore
S2
Equity
S2
U.S.A
(3)
-
-
-
-
Full
-
-
Ireland
Full
-
-
Full
-
-
Luxembourg
Full
-
-
Full
-
-
France
Full
-
-
Full
-
-
Ireland
Full
-
-
Full
-
-
Cobema
Compagnie Financière Ottomane SA
E1
S3
Netherlands
S3
Atargatis
France
Full
-
-
Full
-
-
Austin Finance
V1
Full
100%
100%
Full
97,0%
97,0%
Fortis Private Equity Venture Belgium SA
Belgium
S4
Gepeco
Belgium
S4
Antin Participation 5
Ejesur SA
Société Immobilière du Marché Saint-Honoré
France
Full
100%
100%
Full
100%
100%
France
Full
99,9%
99,9%
Full
99,9%
99,9%
100%
Spain
S3
France
Full
-
-
Full
-
-
BNP Paribas EQD Brazil Fund Fundo Invest
Multimercado
Brazil
Full
-
-
Full
-
-
BNL International Investments SA
Luxembourg
Full
100%
100%
Full
100%
BNP Paribas Finance Inc.
U.S.A
Full
-
-
Full
-
-
BNP Paribas Home Loan SFH
France
Full
100%
100%
Full
100%
100%
BNP Paribas Flexi III Deposit Euro
France
Full
-
-
Full
100%
96,7%
Ireland
Full
-
-
Full
-
-
BNP Paribas Mediterranée Innovation et
Technologies
Morocco
BNP Paribas International Finance Dublin
BNP Paribas Investments N°1 Ltd.
UK
Full
-
-
Full
-
-
BNP Paribas Partners for Innovation (Group)
BNP Paribas Investments N°2 Ltd.
UK
Full
-
-
Full
-
-
BNP Paribas Public Sector SCF
BNP Paribas Proprietario Fundo de Investimento
Multimercado
S2
Netherlands
Brazil
S3
Full
Full
-
-
BNP Paribas SB Re
-
S2
France
Equity
50,0%
50,0%
Equity
50,0%
50,0%
France
Full
(1)
100%
100%
Full
(1)
100%
100%
Luxembourg
Full
(2)
100%
100%
Full
(2)
100%
100%
Compagnie d'Investissements de Paris - CIP
France
S4
Full
100%
100%
Financière BNP Paribas
France
S4
Full
100%
100%
Financière du Marché Saint Honoré
France
Full
100%
100%
Full
100%
100%
GIE Groupement Auxiliaire de Moyens
France
Full
100%
100%
Full
100%
100%
Le Sphinx Assurances Luxembourg SA
Luxembourg
Equity *
100%
100%
Equity *
100%
100%
Full
100%
65,9%
Full
100%
65,9%
U.S.A
U.S.A
BNP Paribas VPG Brookfin LLC
U.S.A
Full
-
-
Full
-
-
BNP Paribas VPG Brookline Cre LLC
U.S.A
Full
-
-
Full
-
-
Omnium de Gestion et de Developpement
Immobilier - OGDI
BNP Paribas VPG CB LLC
U.S.A
Full
-
-
Full
-
-
Plagefin SA
BNP Paribas VPG CT Holdings LLC
U.S.A
Full
-
-
Full
-
-
Plagefin - Placement, Gestion, Finance Holding SA Luxembourg
BNP Paribas VPG EDMC Holdings LLC
U.S.A
Full
-
-
Full
-
-
Sagip
Belgium
Full
100%
100%
Full
100%
100%
BNP Paribas VPG Freedom Communications LLC
U.S.A
Full
-
-
Full
-
-
BNP Paribas VPG Lake Butler LLC
U.S.A
Full
-
-
Société Auxiliaire de Construction Immobilière SACI
France
Full
100%
100%
Full
100%
100%
BNP Paribas VPG Legacy Cabinets LLC
U.S.A
Full
-
-
Full
-
-
Société Orbaisienne de Participations
France
Full
100%
100%
Full
100%
100%
BNP Paribas VPG Mark IV LLC
U.S.A
Full
-
-
Full
-
-
UCB Bail 2
France
Full
100%
100%
Full
100%
100%
BNP Paribas VPG Master LLC
U.S.A
Full
-
-
Full
-
-
UCB Entreprises
France
BNP Paribas VPG Medianews Group LLC
U.S.A
Full
-
-
Full
-
-
BNP Paribas VPG MGM LLC
U.S.A
BNP Paribas VPG Express LLC (Ex- BNP
Paribas VPG Modern Luxury Media LLC)
U.S.A
Full
-
-
Full
-
-
BNP Paribas VPG Northstar LLC
U.S.A
Full
-
-
Full
-
-
BNP Paribas VPG PCMC LLC
U.S.A
Full
-
-
Full
-
-
BNP Paribas VPG Reader's Digest Association
LLC
U.S.A
BNP Paribas VPG SBX Holdings LLC
U.S.A
Full
-
-
Full
-
-
BNP Paribas VPG SDI Media Holdings LLC
U.S.A
Full
-
-
Full
-
-
BNP Paribas VPG Semgroup LLC
U.S.A
S1
S1
U.S.A
S1
Full
-
-
V1
Full
-
-
Full
-
-
-
Full
-
-
-
-
Full
-
-
-
-
Full
-
-
Full
-
-
-
-
Full
-
-
Compagnie d'Investissement Italiens SNC
France
Full
-
Compagnie d'Investissement Opéra SNC
France
Full
Crossen SARL
Luxembourg
Full
European Index Assets BV
Netherlands
S2
Financière des Italiens
France
Full
-
-
Full
-
-
Financière Paris Haussmann
France
Full
-
-
Full
-
-
France
Full
-
-
Full
-
-
Full
-
-
Full
-
-
Full
-
-
Full
-
-
Full
-
-
Harewood Financing Ltd.
Madison Arbor LLC
Luxembourg
UK
Ireland
Marc Finance Ltd.
Cayman
Islands
Matchpoint Finance Public Company Ltd.
S4
S4
BNP Paribas US Medium Term Notes Program
LLC
U.S.A
Full
-
-
Full
-
-
BNP Paribas-SME-1
France
Full
-
-
Full
-
-
E2
FCT Opéra
France
Full
-
-
Full
-
-
E2
BNP Paribas B Institutional II Court Terme
Belgium
Full
-
-
E1
Klépierre
Klépierre SA (Group)
France
S2
Equity
21,7%
21,6%
E2
S1
U.S.A
Madison Arbor Ltd.
S4
S1
Full
Grenache et Cie SNC
Luxembourg
S1
UK
Financière Taitbout
France
S1
Netherlands
Boug BV (UK branch)
Full
-
E1
BNP Paribas VPG BMC Select LLC
Boug BV
-
-
-
Investment companies and other subsidiaries
BNP Paribas VPG Adonis LLC
BNP Paribas VPG Titan Outdoor LLC
Full
-
Full
E1
Property companies (property used in operations)
E1
Ireland
Astir BV
BNP Paribas IP Euro Clo 2015-1 B.V (exLeveraged Finance Europe Capital V BV)
Ref.
S3
Full
S3
BNP Paribas Securities (Asia) Ltd.
BNP Paribas Securities Indonesia PT
Interest
(%)
Full
China
Hong Kong
Voting
(%)
-
Australia
Hong Kong
Method
-
BNP Paribas (China) Ltd.
BNP Paribas Commodities Trading (Shanghai) Co
Ltd.
31 December 2014
Ref.
Full
BNP Pacific (Australia) Ltd.
BNP Paribas Capital (Asia Pacific) Ltd.
Interest
(%)
Ireland
Royale Neuve VI SARL
BNP Paribas Arbitrage (Hong Kong) Ltd.
Voting
(%)
Omega Capital Investments PLC
Ribera del Loira Arbitrage
Bank BNP Paribas Indonesia PT
Method
S1
S3
Ireland
Full
-
-
Full
-
-
Matchpoint Master Trust
U.S.A
Full
-
-
Full
-
-
Méditerranéa
France
Full
-
-
Full
-
-
Omega Capital Funding Ltd.
Ireland
Full
-
-
Full
-
-
E2
E1
E1
E2
Incorporation
E3
S1
S2
S3
S4
V1
Additional purchase
V2
Partial disposal
V3
Dilution
V4
Increase in %
Miscellaneous
D1
D2
D3
(1)
(2)
(3)
- 119 -
8.i
FEES PAID TO THE STATUTORY AUDITORS
In 2015
Excluding tax, in thousands of euros
PricewaterhouseCoopers
Audit
Deloitte
Total
%
Total
%
TOTAL
Mazars
Total
%
Total
%
Audit
Statutory audits and contractual audits, including
- Issuer
- Consolidated subsidiaries
3,254
16%
5,000
22%
1,957
19%
10,211
19%
10,727
54%
10,036
44%
7,785
76%
28,548
53%
Other reviews and services directly related to the statutory audit engagement, including
- Issuer
2,324
12%
2,119
9%
246
2%
4,689
9%
2,211
11%
4,882
21%
214
2%
7,307
14%
18,516
93%
22,037
96%
10,202
99%
50,755
95%
29
0%
96
0%
2
0%
127
0%
Others
1,376
7%
1,006
4%
65
1%
2,447
5%
Sub-total
1,405
7%
1,102
4%
67
1%
2,574
5%
TOTAL
19,921
100%
23,139
100%
10,269
100%
53,329
100%
In 2014
Deloitte
Sub-total
Other services provided by the networks to fully-consolidated subsidiaries
Legal, tax, social
Excluding tax, in thousands of euros
Total
PricewaterhouseCoopers
Audit
%
Total
%
TOTAL
Mazars
Total
%
Total
%
Audit
Statutory audits and contractual audits, including
- Issuer
2,903
17%
4,584
21%
1,751
17%
9,238
19%
9,195
56%
8,934
42%
7,684
78%
25,813
53%
Other reviews and services directly related to the statutory audit engagement, including
- Issuer
359
2%
1,973
9%
13
0%
2,345
5%
2,245
13%
4,684
21%
505
5%
7,434
15%
14,702
88%
20,175
93%
9,953
100%
44,830
92%
-
0%
262
1%
31
0%
293
1%
Others
2,082
12%
1,377
6%
46
0%
3,505
7%
Sub-total
2,082
12%
1,639
7%
77
0%
3,798
8%
16,784
100%
21,814
100%
10,030
100%
48,628
100%
Sub-total
Other services provided by the networks to fully-consolidated subsidiaries
Legal, tax, social
TOTAL
The audit fees paid to auditors which are not members of the network of one of the auditors certifying
the consolidated financial statements and the non-consolidated financial statements of BNP Paribas SA,
mentioned in the table above, amount to EUR 934 thousand for the year 2015 (EUR 1,001 thousand in
2014).
Other work and services related directly to audit work, are mainly composed this year of reviews of the
entity’s compliance with regulatory provisions, which were increased due to regulatory changes, and
reviews of internal control quality by comparison with international standards (such as ISAE 3402) as
part of services provided to customers, particularly in the Securities and Asset Management businesses.
To a lesser extent, they also include works related to reviews of risks and internal control and due
diligences on financial transactions.
- 120 -

Annual Report 2015 - BNP Paribas Fortis

Transcription

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